• Fantom (FTM) token has gained over 10% in the last 24 hours.
• Santiment’s data revealed that FTM enjoyed more accumulation than the intention to dump the token.
• The Directional Movement Index (DMI) and Average Directional Index (ADX) suggest that FTM is headed for consolidation, with a potential fall in price.
Fantom Gains Over 10%
Fantom [FTM], the smart contract token, gained over 10% in the last 24 hours after holding support. According to ali_charts, who got the data from IntoTheBlock, there was no resistance barrier that could prevent FTM from going upward.
Exchange Inflow and Outflow
Santiment’s data revealed that the exchange inflow of FTM was down to 293,000 while its opposite number, the exchange outflow was higher at 899,000. This large difference implied that FTM enjoyed more accumulation than the intention to dump it.
The technical outlook shown by the Directional Movement Index (DMI) puts FTM in a possible consolidation phase with a potential fall in price due to lack of support from ADX which measures directional strength of an asset and values higher than 25 indicates strong directional movement. The Awesome Oscillator (AO)’s red bars are also signaling an impending bearish momentum.
Market Value to Realized Value Ratio
The surge seemed to have helped investors‘ portfolio as Market Value to Realized Value (MVRV) ratio revived from its lows and hit 3.05 — noting a healthy profit for those who recently entered into this DeFi space through FTM tokens.
Despite facing potential fall in price, investors who have recently made profits are unlikely to sell off their tokens any time soon due to MVRV ratio spiking up again. However, technical indicators show that days of splendor may be over for Fantom as it is heading towards consolidation phase with a possible fall in price around $0.5 region