- The activity of the FTM network has jumped, with new addresses up by 35% and active addresses increasing by 10%.
- FTM broke out of a descending symmetrical triangle but faces a high resistance at $ 0.56.
FANTOM (FTM) have shown signs of strength after erupting from its descending symmetrical triangle.
FTM was negotiated at $ 0.5,425 at the time of the press, reflecting an increase of 6% in the last 24 hours. Channel data has revealed significant growth in network activity, adding to the bullish momentum.
In addition, the number of “money” holders has increased by 20.20%, which means that more investors are now in profit. However, key resistance levels still pose challenges that could determine the next movement of the token.
FTM addresses are increasing, but is it enough?
At the time of writing the time of writing the network, the activity of the network on Fantom increased, with new addresses increasing by 35% last week. This indicates the growing adoption and user engagement, which is often a bullish indicator.
In addition, active addresses increased by 10%, strengthening the expansion of the network. However, a leap of 52.86% in zero balance addresses suggests that some traders can go out or consolidate funds.
Although it is a positive development, this could also lead to profits, potentially slowing the momentum of FTM. The sustained demand is crucial to maintain its current trajectory.
Source: intotheblock
The transaction activity moves, but where are the whales?
Transaction data has a mixed image. Small transactions of less than $ 1 jumped 60%, indicating an increase in retail activity. In addition, transactions between $ 1 and $ 10 increased by 4.76%, suggesting an influx of small investors.
However, medium -sized transactions between $ 10 and $ 100,000 has decreased, showing that the biggest players are currently less active.
Meanwhile, transactions exceeding $ 1 million has completely disappeared, lowering 100%. This change indicates that institutional investors and with high net value remain on the sidelines.
Source: intotheblock
Fantom faces strong resistance; Can he break?
FTM managed to get out of its descending symmetrical triangle, a bullish signal. The price is now testing crucial resistance to $ 0.56, which will determine its short -term management. If it continues, the next main levels to monitor are $ 0.85 and $ 1.43.
However, non-compliance with $ 0.56 could lead to a decline to $ 0.40 to $ 0.45. The momentum of the market remains in favor of the bulls, but the resistance levels must be eliminated for a sustained increase trend.
The next few days will be crucial to determine if the FTM will continue its climb or rejection.
Source: tradingView
The MVRV ratio decreases; Is the profit in progress?
The long / short MVRV difference has dropped sharply, signaling a change in feeling of the market. When this metric decreases, it often indicates that traders who bought lower now ensure profits.
This could introduce sales pressure, which makes FTM more difficult to push higher.
In addition, if taking profits continues, the token may have trouble maintaining its recent earnings. However, if demand remains strong, buyers could absorb the sales pressure and increase prices.
Source: Santiment
Can FTM support the rally?
Fantom shows strong bull signals with an increasing network activity and an escape from a key technical model. However, the decrease in whale transactions and a declining MVRV report suggest caution.
If FTM returns $ 0.56 in support, it could push around $ 0.85. Not doing it can cause a retracement.
The token ability to maintain above the resistance will determine its next movement.
