Fantom’s Q1 was not perfect, but here’s what investors can look forward to

• Fantom’s NFT space witnessed a boom, but development activity declined. 
• Whale interest in FTM also went down, and market indicators were bearish. 

Fantom’s [FTM] NFT ecosystem has been active lately, with the Magiccats collection topping the chart in terms of the trading volume.

As per Fantom Insider’s tweet, Magiccat’s volume increased by more than 40% in the last seven days, proving high activity.

Furthermore, Santiment’s chart revealed a massive spike in Fantom’s total number of NFT trade counts and trade volume in USD. 

Source: Santiment

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

A happy ending to Q1 2023?

Interestingly, March also witnessed quite a few notable developments for the Fantom network at large.

Fantom went through multiple integrations last month, which added value to the network. The recent ones were with KuWallet, WEconomy, and The Graph.

However, despite such efforts, it was surprising to see Fantom’s development activity decline over the last 30 days.

Recent data also revealed that, apart from development activity, the network’s active addresses also registered a decline, which was concerning.

Source: Santiment

A quick performance analysis

A look at Santiment’s chart revealed that after a massive uptick, weighted sentiments drifted downward, suggesting that the investors were less confident about FTM.

Though the MVRV Ratio remained in the negative zone for the majority of the month, it did recover during the concluding days. A positive signal was found in the increase of FTM’s network growth, which indicated that more new addresses were transferring the token. 

Source: Santiment

Whales’ interest also dwindling

Meanwhile, FTM’s supply held by the top addresses declined sharply, indicating the decreasing interest of whales in the token. The whale transaction count also went down after spiking on 23 March.

Nonetheless, it was interesting to note that FTM’s supply on exchanges declined while its supply outside of exchanges increased, which a was bullish development.

Source: Santiment

How much are 1,10,100 FTMs worth today   

This can be expected next

As per FTM’s daily chart, investors can expect a few slow-moving days this month.

The Bollinger Band pointed out that FTM’s price was in a less volatile zone. FTM’s MACD revealed an ongoing tussle between the bulls and the bears, which can restrict FTM’s price from going up in the near term.

Fantom’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) were both resting near the neutral zone, further increasing the possibility of slow price movements. At press time, FTM was trading at $0.4529 with a market capitalization of over $1.2 billion.

Source: TradingView