Relief ahead? What FTM’s latest correction means for traders in the long term
Fantom [FTM] has been seeing a resurgence on the charts of late, with its social metrics registering a sharp hike. This growth has not gone unnoticed, as per a recent LunarCrush tweet.
According to the same, Fantom had a Galaxy Score of 74/100, at the time of writing. This pointed to a bullish picture for its market activity, as against the altcoin’s historical performance.
Even so, the crypto-community has been left amazed by Fantom’s social elevation and metrics.
Fantom’s latest tale
Fantom released its weekly report recently, highlighting the key statistics from the last 7 days on the network. The network recorded an impressive 257K weekly active users with a daily average of 36.8K. It was also able to record a modest 5.43 million transactions throughout the week. The report went on to add that,
“Last week, the bearish sentiment of the cryptocurrency market caused Fantom’s on-chain data to decline”.
Despite this underlying bearish sentiment in the market, several tokens on the Fantom network saw growth over the past week. According to the report, Solidex [SEX] registered the highest gains on Fantom after recording a hike of 42.5%. The same was followed by Magik Finance [MAGIK], with the same gaining by 29.4% in value.
Better not miss this
While there were some impressive statistics from the past week, the red flashes have also been gaining pace. According to Santiment, Fantom’s MVRV Ratio continues to tumble into the red zone. This highlighted traders holding losses over Fantom’s transactions.
However, this trend has been in place since mid-August, with the same continuing to prevail despite a recent hike. At press time, the MVRV Ratio was placed at -5.76% for FTM.
While the Fantom network has gained social momentum of late, FTM registered a decline in whale activity on the network. The same can be evidenced by the count of Whale Transactions on Fantom in recent days.
Over the past week, Fantom recorded a grand total of 17 whale transactions greater than $100,000.
According to CoinMarketCap, FTM was trading at $0.272 at press time. This is a sign of the crypto’s stunted growth, with the same mired by the conditions of the market.
In fact, while most of the market has been bullish this week, FTM noted weekly gains of just 1%. While the chances of immediate recovery remain bleak, investors can hodl on until a period of sustained growth kicks in.