The supply of Fantom coins on the exchanges decreased to 639 million as of July 16. FTM price fell by 8.23% to $0.4748. The Parabolic SAR indicator shows an uptrend for FTM. According to data obtained as of Wednesday, the number of Fantom (FTM) coins on cryptocurrency exchanges decreased to 639 million, marking the lowest level since January 10, 2022. This decrease in the supply of FTM on exchanges during the Bitcoin-led rally in the market can generally be interpreted as investors wanting to keep the cryptocurrencies they own and may be a harbinger of an upward trend.
On the Fantom side, the supply on cryptocurrency exchanges increased to 674 million coins on April 4 and reached its peak this year. However, since then, it has experienced a noticeable decline, decreasing by 5%.
To put it briefly, the decrease in the supply of the asset under consideration on the stock exchange indicates that the number of assets traded on the mentioned stock exchanges has decreased. This shows that investors continue to accumulate towards their long-term goals by removing their assets from stock markets. This movement can be interpreted as a potential bullish signal as supply decreases and demand increases in the market.
Additionally, the coin's Average Coin Age metric also reflected an important data, supporting the upward trend. This metric shows how long, on average, all coins or tokens on a given blockchain have been held. FTM's Average Coin Age was calculated as 631 as of writing time.
As of press time, FTM price has fallen by 8.23% in line with the decline in BTC and is trading at $0.4748. The 2.34% depreciation in the last month also attracted attention. The Parabolic SAR indicator was indicating a possible bullish rally. At the time of writing, this indicator remains below FTM's price, indicating that the asset is in a potential uptrend. If the trend continues, FTM is predicted to move towards $0.57 and settle above $0.5. However, it should be noted that in a reverse scenario, the price could drop to $0.37.
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I EXPLAIN IN DETAIL.
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