Connect with us


Fantom outperformed Bitcoin during 14 December’s trading session, here’s how



Fantom outperformed Bitcoin during 14 December's trading session, here's how
Source: Unsplash

  • FTM ranked as the number one altcoin on LunarCrush’s AltRank.
  • Bullish momentum is slowing, showing that buyers might be exhausted.

Fantom [FTM] clinched the number one spot on the ranking of altcoins that outperformed Bitcoin [BTC] on 14 December, data from LunarCrush showed.

The cryptocurrency social analytics platform has an AltRank feature through which it tracks the social and market activity of 4,047 coins and how they outperform leading coin BTC.

Read Fantom’s [FTM] Price Prediction 2023-24

To log its position as the altcoin that outperformed BTC the most in terms of social activity, of all the 4,047 altcoins tracked, FTM’s social volume was ranked 67 and recorded a social score of 27. 

FTM for the win

Per data from CoinMarketCap, FTM exchanged hands at $0.2384 at press time. While the rest of the market suffered a decline after FTX’s unexpected demise, FTM’s decoupled from the rest of the market to log gains.

In the last month, its value has grown by 28%. Within that period, the alt’s market capitalization also jumped from $480 million to $660 million. 

Further, an assessment of FTM’s Open Interest since the FTX debacle revealed a rally since 10 November. Per data from Coinglass, this was $52.04 million at press time, having grown by 79% since 10 November.

This showed that a strong bullish conviction lay behind the price rally, which remained unaffected by FTX’s collapse.

Source: Coinglass

Here is a caveat

While FTM’s price might have rallied in the last month, an assessment of its performance on a daily chart revealed that the alt has traded in a tight range since the beginning of the month.

As a result, while key indicators remained bullish, they had weakened over the past two weeks. Moreover, the price has shown a pattern of lower highs, making the recent momentum decrease understandable.

The Relative Strength Index (RSI) was at 54.91 at press time. Below its neutral 50-region, the decline in bullish momentum caused FTM’s Money Flow Index (MFI) to be spotted at 40.25, still in a downtrend. 

Further, its Chaikin Money Flow (CMF) and On-balance volume (OBV) have been flat since the beginning of the month. While these indicators remained bullish, their flatness since December showed that buyers might be undergoing exhaustion and a market takeover by sellers was imminent. 

Source: TradingView

A look at FTM’s Age Consumed metric confirmed this. This metric tracks the activity of previously dormant coins on the blockchain. 

An increase in Age Consumed indicates that a large number of previously inactive tokens are now being moved between addresses, potentially indicating a sudden change in the behavior of long-term holders.

Per data from Santiment, FTM saw a spike in its Age Consumed, and a price decline followed this. This indicated that a local bottom had been reached and a negative price reversal was coming. 

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.