FTM’s Price Rests on Key Support Level After Spike in Chain Activity

  • Recent on-chain data shows that approximately 246 million FTM tokens have been redistributed.
  • FTM’s price is currently resting on a key support level.

The crypto trader Ali tweeted today that on-chain data from Santiment shows more than 246 million Fantom (FTM) tokens were sold or redistributed over the past week. The tweet added that the total amount is approximately worth $113.2 million.

The trader posted a second tweet related to the altcoin today. According to the tweet, there has been some “intriguing network activity” on the Fantom blockchain. Furthermore, on-chain data shows that there has been a significant spike in idle FTM tokens exchanging hands.

At press time, the price of FTM has risen 4.79% over the last 24 hours according to CoinMarketCap. As a result, FTM’s price stands at $0.4612.

Not only did FTM strengthen against the U.S. Dollar over the last 24 hours, but it also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH). FTM is currently up 5.25% against BTC and around 5.95% against ETH.

Daily chart for FTM/USDT (Source: TradingView)

The price of FTM is resting on the daily support level at $0.04248 after dropping below the 9-day and 20-day EMA lines on 8 February, 2023.

Technical indicators suggest that FTM’s price is currently in a bearish cycle. The first technical indicator that suggests this is the MACD Signal line positioned below the MACD SMA line. However, the MACD Histogram suggests that the bearish cycle may be reaching its peak.

On the other hand, the 9-day EMA line is looking to cross bearishly below the 20-day EMA line. Should this happen, then FTM’s price will likely continue to drop in the coming days. As such, FTM’s price may look to target the next support level at $0.3581.  The latest flow of FTM onto exchanges may be an early sign of a sell-off for the altcoin.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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