💥 AMBCrypto: Why $FTM might soon go past $2 next
AMBCrypto discovered that development activity on Fantom has taken a chill pill from what it was before. On the 22nd of March, on-chain data obtained from Santiment showed that the metric was 0.24.
But as of this writing, the metric was down to 0.31. The decline implies that developers had slowed down their commitment to polishing Fantom.
Typically, this could be a bearish signal. If it stays the same, the price of FTM might be affected. Like the development activity, the network growth also fell.
This metric tracks the number of new addresses making their first transactions on the network. Therefore, the decline implied that FTM adoption had experienced a bit of a downturn.
On the daily timeframe, the Exponential Moving Average (EMA) showed that FTM’s trend was bullish. This was because the 20 EMA (blue) had crossed over the 50 EMA (yellow).
Also, the Awesome Oscillator (AO) was positive, indicating an increasing upward momentum. However, a red histogram bar appeared, suggesting that the upward momentum might stall in the short term.
In addition, AMBCrypto analyzed the Money Flow Index (MFI). At press time, the MFI was close to 80.00, suggesting that the token was overbought. With this trend, the price might likely retrace a bit.