Due to the number of whale wallets reaching a monthly low, Fantom (FTM) has fallen by 12%
As the network shifts to the new token Sonic, the price of Fantom (FTM) has dropped by more than 12% in the past 24 hours. This sharp decline has exacerbated FTM's ongoing downward trend, with technical indicators like ADX highlighting that the bearish momentum is strengthening.
Meanwhile, the number of whale wallets holding between 1 million to 10 million FTM is steadily decreasing, reflecting a loss of confidence among large holders. As FTM approaches the key support level of $0.84, traders are closely monitoring the potential drop to $0.64 or a rebound to resistance levels of $1.13 and above.
The current downward trend of Fantom shows its strength
The ADX (Average Directional Index) for FTM is currently at 39.94, significantly up from below 20 two days ago. This surge indicates that the strength of the current trend has significantly increased in a short time.
As the price of FTM is currently in a downward trend, the high level of ADX indicates that the bearish momentum is intensifying, which means the price may continue to face downward pressure in the short term.
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