#BTCNextMove

Fantom (FTM) Drops 12% as Whale Wallets Hit Monthly Low

Fantom (FTM) price has dropped more than 12% in the last 24 hours as the network transitions to its new token, Sonic. This sharp decline has added to FTM’s ongoing bearish trend, with technical indicators like the ADX highlighting strengthening bearish momentum.

At the same time, the number of large wallets holding between 1 million and 10 million FTM has been steadily declining, reflecting declining confidence among large holders. With FTM approaching critical support at $0.84, traders are closely watching for a possible break to $0.64 or a recovery that could target resistance levels at $1.13 and beyond.

Fantom’s Current Downtrend Shows Its Strength

FTM’s ADX (Average Directional Index) is currently at 39.94, a sharp increase from below 20 just two days ago. This rise indicates that the strength of the current trend has grown significantly in a short period.

Since FTM price is currently in a downtrend, the rising ADX indicates that the bearish momentum is becoming more pronounced, making it likely that the price will continue to face downward pressure in the near term.