- Fantom Foundation transferred FTM price over $4 million to Binance.
- Metrics and market indicators seemed bearish.
Fantom [FTM] didn’t handle to observe the present bullish market development currently, as its worth declined within the final 24 hours of press time.
According to CoinMarketCap, FTM registered a each day decline of greater than 3%, and on the time of writing, it was buying and selling at $0.5255 with a market capitalization of over $1.45 billion.
This was fairly in distinction to Token Terminal’s data- FTM was additionally on the listing of the highest blockchains by the bottom P/S ratio, which prompt that the token was undervalued.
👀 Let’s see the Top blockchains primarily based on the bottom P/S ratio (absolutely diluted)
📚 The index is calculated as FDV divided by complete income for 1 12 months
👉 This exhibits that the smaller the index, the higher the potential#Fantom @FantomFDN $FTM pic.twitter.com/HqrOxtztN0— Fantom Insider (@fantom_insider) February 20, 2023
Lookonchain not too long ago identified an attention-grabbing growth that may additional push FTM’s worth down within the coming days.
According to the tweet, the Fantom Foundation transferred FTM price over $4 million to Binance, which was a unfavourable replace because it had the potential to extend the promoting strain.
An analogous episode of FTM switch occurred final May through the Terra Luna crash.
The Fantom Foundation pockets transferred 7.5M $FTM($4M) to #Binance ~20 minutes in the past.
The final time Fantom Foundation transferred $FTM to $Binance was through the LUNA/UST crash in May 2022.https://t.co/fDLIs3mEXq pic.twitter.com/nonowpbZRP
— Lookonchain (@lookonchain) February 20, 2023
Read Fantom’s [FTM] Price Prediction 2023-24
This occurred regardless of a number of constructive developments within the ecosystem in the previous few days. For occasion, Travala announced that it could assist funds with FTM on its platform.
It was an optimistic replace for the Fantom ecosystem, because it indicated elevated adoption at a worldwide degree.
What do the metrics counsel?
Santiment’s chart revealed that just a few of the metrics went towards FTM within the current previous.
For instance, FTM’s change influx registered a large spike on 20 February, which was a bearish sign.
Its community progress additionally declined within the final two days, additional growing the probabilities of a worth plummet. Positive sentiments round FTM additionally took successful. Thus, reflecting much less confidence amongst buyers within the token.
Moreover, FTM’s MVRV Ratio too registered a gradual decline, which was a growth within the bears’ favor.
However, whales’ curiosity in FTM appeared to have elevated as FTM’s complete provide held by high addresses registered a spike.
Source: Santiment
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The bears are successful
Investors may need extra causes to fret as FTM’s market indicators clearly revealed a bearish higher hand available in the market.
FTM’s Chaikin Money Flow (CMF) declined sharply, which was a unfavourable sign. The MACD additionally revealed that the bears have been main the market.
FTM’s Relative Strength Index (RSI) registered a slight decline, which additional will increase the probabilities of a continued worth decline.
Source: TradingView
