FTM ADX.

FTM ADX. Source: TradingView

The ADX measures the strength of a trend, regardless of its direction, ranging from 0 to 100. Values below 20 indicate a weak trend or no direction, values between 20 and 40 indicate a moderate trend, and values above 40 reflect a strong trend.

As the ADX for FTM approaches 40, the downward trend nears a strong level, indicating sustained selling pressure. In the short term, unless significant buying interest emerges, the FTM price may face continuous declines, with traders closely monitoring support levels for potential stability.

Whales are not accumulating FTM.

The number of wallets holding between 1 million and 10 million FTM has dropped to 77, marking the lowest level since December 1. Tracking these wallets, commonly referred to as 'whales', is crucial as they can significantly impact the market due to the large amount of tokens they control.

Changes in the number of these wallets often reflect shifts in sentiment among major holders, which can occur before significant price fluctuations.

Wallets Holding Between 1,000,000 and 10,000,000 FTM.

Wallets holding 1,000,000 to 10,000,000 FTM. Source: Santiment

The number of these whales reached a monthly high of 81 on December 6 but has steadily declined since then, with no significant token sell-off observed.

This gradual decreasing trend indicates a lack of active selling but may suggest weakening confidence among large holders. In the short term, this trend may signal potential weakness for Fantom, as a decline in whale participation is typically associated with lower buying support and potential price stagnation or further decline.

Fantom Price Prediction: Can FTM Correct by 33% Next?

Fantom is currently trading within a range defined by support at approximately $0.84 and resistance at $1.00.

If the support at $0.84 fails to hold, the price may drop significantly. The next key support level is at $0.64, representing a potential 33% correction relative to current levels.

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