Fantom: Bullish projections come to a naught because of this

FTM, the native token of the Fantom Foundation, saw an uptick in its social metrics last week.According to data from Moon Smashalt improved its Galaxy score to 74 out of 100, indicating the coin’s social and market activity is seen as bullish.

failed to meet expectations

Despite the bullish forecast for FTM prices, its price fell 20% last week.according to Coin market value, FTM is trading at $0.2237 at press time. A week ago, this cost $0.25.

The price/volume discrepancy that has plagued the entire cryptocurrency market over the past 24 hours has not been ruled out, nor has FTM been able to see any support from its buyers over the same period. Its price has dropped 11% in the past 24 hours, while trading volume has increased by 114%.

Unsurprisingly, FTM’s only active addresses trading the asset in the last week have been down on a daily basis.According to data from moodthe daily active addresses trading FTM in 7 days dropped by 59%.

During this period, the total number of FTM tokens in all transactions completed each day also dropped by more than 1,000%. The dollar value dropped from $16.54 million to $768,000.

Source: Santiment

Interestingly, despite the sharp drop in FTM prices last week, further data from Santiment hinted at a drop in the sell-off.

At press time, the asset has a negative -25k trade flow balance on the 7-day moving average. When the exchange flow balance of a cryptoasset is negative, it indicates that there is less risk of sell-off of the token moving to an offline wallet.

A look at FTM’s exchange supply over the past 7 days supports this position. It fell 4% last week, indicating increased buying pressure on the asset.

Source: Santiment

Despite on-chain signs of less selling, last week’s drop in FTM prices mirrored the broader crypto market’s decline over the same period.

Furthermore, it has a statistically significant negative effect Correlation with bitcoin [BTC]itself fell 17% last week and is at a 3-month low.

From a broader perspective, FTM has seen modest price increases. The asset has been dormant in the address for the past three months. For any significant asset price growth, these dormant FTM tokens need to change hands.

Source: Santiment

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