Fantom [FTM] can fall victim to selling pressure as this update looks bearish
It was an optimistic update for the Fantom ecosystem, as it indicated increased adoption at a global level.Santiment’s chart revealed that a few of the metrics went against FTM in the recent past.
For example, FTM’s exchange inflow registered a massive spike on 20 February, which was a bearish signal. Its network growth also declined in the last two days, further increasing the chances of a price plummet. Positive sentiments aroundMoreover, FTM’s MVRV Ratio too registered a gradual decline, which was a development in the bears’ favor.
However, whales’ interest in FTM seemed to have increased as FTM’s total supply held by top addresses registered a spike.Investors might have more reasons to worry as FTM’s market indicators clearly revealed a bearish upper hand in the market.’s Chaikin Money Flow declined sharply, which was a negative signal. The MACD also revealed that the bears were leading the market.
FTM’s Relative Strength Index registered a slight decline, which further increases the chances of a continued price decline.Subscribe to get it daily in your inbox.
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