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Fantom network grows: A sign of FTM’s incoming price rally?
The Fantom network has witnessed a surge in activity, sparking hopes for a potential price recovery. The recent growth in blockchain usage and adoption may indicate that the market is finally recognizing the potential of this promising project.
According to the latest data, new addresses have increased by 38.46%, active addresses rose by 23.52%, and zero balance addresses grew by 63.51% over the past week. This significant jump in activity indicates a growing interest in the ecosystem, which could contribute to FTM’s long-term value.
However, it is essential for traders to monitor this development closely as consistent growth will be crucial in sustaining the upward momentum. Meanwhile, market indicators are flashing mixed signals.
The Market Value to Realized Value (MVRV) ratio has dropped to 17.39%, historically signaling undervaluation and a potential catalyst for a significant price move. This could attract buyers looking to capitalize on discounted prices. On the other hand, persistent selling pressure might push FTM’s value even lower.
Furthermore, traders should pay attention to the technical indicators which are suggesting mixed signals. The Relative Strength Index (RSI) currently sits at 50.37, indicating neutral momentum and no clear trend is apparent. Furthermore, short-term and long-term moving averages have converged, implying potential volatility in FTM’s future price action.
Despite these mixed signals, liquidation data suggests that many traders are positioning for an upward price movement. Shorts worth $23,060,000 against longs valued at $98,220,000 indicate a strong bullish sentiment despite recent losses. This imbalance may lead to a sharp upward move should FTM break key resistance levels.
In conclusion, the surge in Fantom’s network activity is an encouraging sign for potential price recovery. Traders must carefully monitor this development while keeping an eye on other market indicators and metrics. If FTM can sustain its growth and break critical levels of resistance, a rally could manifest in the coming weeks.
Source: ambcrypto.com
