Fantom (FTM) whales sound the alarm: Is a rally imminent?
On-chain metrics show that Fantom (FTM) funding rates have risen to their highest level of the week and whales are in the accumulation phase.
An analysis prepared for FTM gave a bullish signal. The analysis included the following statements;
“Funding rates in Fantom indicate that more investors are taking long (bullish) positions.”
The analysis reported that the 50-day moving average in the FTM chart has risen above the 200-day moving average. This development was interpreted as a “Golden Cross” indicating an increase.
Fantom (FTM) data is positive
Whale trading volume in Fantom (FTM) has increased to 201 million, the highest level of the year. FTM has increased by over 20 percent in the last 30 days with increasing investor interest.
Investor interest is increasing in FTM, which is in a gradual uptrend. According to IntoTheBlock data, whales hold 73 percent of the $FTM supply. These whales continue to accumulate in anticipation of a potential rally.
On-chain data shows that investors are withdrawing FTM from centralized exchanges. AMBCrypto commented on the data in question as follows;
“In the last two days, FTM’s exchange net flows have been predominantly negative (exit from the exchange). Exits from the exchange can ease selling pressure. Negative exchange net flows indicate that traders are not willing to take profits.”
According to AMBCrypto’s analysis, the golden cross formation formed on Fantom’s one-day chart indicates that the uptrend will continue.
The golden cross formation was also formed on the in-balance volume indicator, which shows an upward trend. The indicator in question indicated that there was a gradual increase in the buying activity necessary for the rally to be sustainable.
FTM, where the bullish formation was formed, was stuck at the resistance level located at $ 0.797. The analysis predicted that the price would continue to rise if it breaks the major resistance at $0.797. It was suggested that $FTM could reach $0.9.
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