Fantom (Migrated to Sonic)

For hosting decentralized finance (DeFi) services for cryptocurrency investors, Fantom is a directed acyclic graph (DAG) smart-contract platform created to compete with Ethereum. A tumultuous February and a dramatic 18% fall were experienced by FTM holders. The first week of March has not seen any indications of a revival for the native token of the eighth-largest DeFi network in terms of total value locked.The Network Value to Transaction (NVT) Ratio increase, according to cryptocurrency data analytics company Santiment, suggests that the price of FTM may drop over the next few weeks.According to the graph above, the FTM NVT ratio has been going upward since mid-February in relation to price. This indicates that the FTM token is growing more overbought. The link between market capitalization and transaction volumes is described by the NVT ratio. Moreover, growing valuations frequently portend a selloff.Moreover, the proliferation of tokens on exchanges is another on-chain trend that can result in a poor FTM performance in March. According to blockchain data gathered by IntoTheBlock, FTM holders may be preparing to sell in the upcoming weeks. Over the previous week, the netflow of FTM across well-known exchanges has grown.Over 8.7 million FTM coins have entered reputable exchanges since March 3. Generally, when the netflow increases, it is a negative indicator, indicating that there is now a significant amount of FTM on exchanges that may be used to complete immediate sell orders or place fresh ones.The Exchange Market Depth chart from IntoTheBlock offers a data-driven prediction of anticipated FTM price changes in the upcoming weeks.Market Depth, also known as the bid-ask spread, is a segmented accumulation of limit orders issued by FTM holders that highlights significant points of support and resistance with regard to recent prices.According to the chart below, the present negative trend will probably come to a finish 20% below current levels. This drops at $0.35, where 14.4 million FTM tokens are in high demand. Failure to maintain this support, however, might cause FTM to decline in the direction of $0.30, which is the next significant buy wall with 19 million FTM orders.

Fantom (FTM) Begins March 2023 on a Negative Note — More Downside Forecast Ahead

ItsBitcoinWorld

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