\t\t\t\t\t\t
<\/p>\n
- \n
- FTM\u2019s MFI entered the overbought zone, which might have increased selling pressure.\u00a0<\/span><\/em><\/li>\n
- Market sentiment around Fantom also turned bearish.<\/span><\/em><\/li>\n<\/ul>\n
After a comfortable bull rally,<\/span> Fantom [FTM]<\/span><\/a> witnessed a major price correction over the last few hours, punching its price down. This happened at a time when several expected the token\u2019s price to surge further. A closer look at the blockchain provided a better understanding of what was actually going on and what investors should expect from FTM over the days to follow.<\/span><\/p>\n
\nRead<\/span> Fantom\u2019s [FTM] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nHow is Fantom doing?<\/b><\/h4>\n
Fantom Insider, a popular X (formerly known as Twitter) handle, mentioned in a tweet about FTM\u2019s performance during the recent bull market. As per the tweet, the price of FTM has shown strong growth in recent days amidst a bullish market. <\/span><\/p>\n
In just the last four days of the week, the price of FTM has surged by over 12%, reaching $0.209.<\/span><\/p>\n
\n
\ud83e\ude99 The price of $FTM<\/a> has been showing strong growth in recent days amidst a bullish market<\/p>\n
\ud83d\udc49 In just the last 4 days of the week, the price of #FTM<\/a> has surged by over 12%, reaching $0.209<\/p>\n
What are your expectations for the price of FTM? Please comment below \ud83d\udc47#Fantom<\/a> pic.twitter.com\/LWglg3hq6I<\/a><\/p>\n
\u2014 Fantom Insider (@fantom_insider) October 2, 2023<\/a><\/p>\n<\/blockquote>\n
However, the uptrend did not last long, as the scenario soon changed in the sellers\u2019 favor. According to<\/span> CoinMarketCap<\/span><\/a>, FTM\u2019s value dropped by more than 2% in the last 24 hours. At the time of writing, it was trading at $0.2014 with a market capitalization of over $564 million. <\/span><\/p>\n
A check of FTM\u2019s daily chart revealed quite a few factors that could have contributed to Fantom\u2019s latest price decline.<\/span> FTM<\/span><\/a>\u2019s Money Flow Index (MFI) entered the overbought zone, which could have increased selling pressure on the token. <\/span><\/p>\n
Its Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both registered downticks. Nonetheless, the MACD gave much-needed hope as it continued to remain in the buyers\u2019 favor.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/FTMUSD_2023-10-03_14-56-53.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
Going forward<\/b><\/h4>\n
While the token\u2019s price dropped, its social mentions also plummeted by more than 50% in the last 24 hours. As per LunarCrush, bullish sentiment around FTM also sank by nearly 60%. <\/span><\/p>\n
Another bearish metric was its Altrank, which increased substantially in the last 24 hours.<\/span>
![\"\"](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LunarCrush-FTM.png\")
Source: LunarCrush<\/span><\/p>\n
\nHow much are<\/span> 1,10,100 FTMs worth today<\/span><\/a>\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n
\nThe token\u2019s daily trading volume surged while its price dropped, which was a negative signal. Additionally, the MVRV ratio also dropped over the last few days. <\/span><\/p>\n
It was interesting to note that<\/span> FTM<\/span><\/a>\u2019s Binance funding rate turned green while its price plummeted, meaning that investors in the derivatives market were buying the token at a lower price. However, Coinglass\u2019<\/span> data<\/span><\/a> revealed that Fantom\u2019s open interest dropped slightly along with its price, which was a bullish signal.<\/span>\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n
- Market sentiment around Fantom also turned bearish.<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Fantom-FTM-15.02.01-03-Oct-2023.png\")