2024

Abyss

Fantom

Billion

<a href="https://www.thecoinrepublic.com/price-prediction/fantom/">Fantom (FTM)</a> recorded a yearly high in March 2024 above the $1 mark, precisely at $1.22. Its price recorded abrupt profit booking that led to its gains plummeting. The decline in its price has led to a drop in circulating market cap from a yearly high of $2.91 Billion to $1.25 Billion (at press time).&nbsp; 
Similarly, its real volume, per messari was of $3.75 Billion, declined to $203 Million. FTM token’s market cap dominance has dropped from 0.11% to 0.05%. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="618" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-1024x618.png" alt="Market Data | Source: Messari" class="wp-image-641006" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-1024x618.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-300x181.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-768x463.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-1536x927.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-150x91.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-696x420.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19-1068x645.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-19.png 1594w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Market Data | Source: Messari
 </figcaption>
</figure> 
Despite the declined market data, Fantom’s social data has remained untouched, which signified its trust and value among its community. As per Messari, its Reddit Subscribers have grown to 40.63K, with 17 active users as of writing.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="599" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-1024x599.png" alt="Socials data | Source: Messari" class="wp-image-641001" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-1024x599.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-300x175.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-768x449.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-1536x898.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-150x88.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-696x407.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18-1068x625.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-18.png 1592w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Socials data | Source: Messari
 </figcaption>
</figure> 
Meanwhile, its X (Twitter) followers have stagnated at 535.57K, and Telegram users have grown to 21.53K. 
<h2 class="wp-block-heading" id="h-number-of-transactions-and-volume-have-grown-a-look-at-more-on-chain-data">Number of Transactions and Volume Have Grown: A Look At More On-Chain Data</h2> 
In contrast to FTM token’s price behavior, its on-chain metrics have signified growth in various metrics. According to the on-chain research website, transactions over $100K have grown in the past 7 days. They amount to $23.38 Million. 
The asset transactions have increased from the July 28th low of 4.52 million <a href="https://www.thecoinrepublic.com/price-prediction/fantom/">FTM </a>to July 31st 35.52 million FTM. Likewise, the total number of transactions has also advanced. It was 345 transactions on July 27th; by July 31st, it advanced to 622 transactions. 
Moreover, in the past 7 days, total exchange inflows have surged to $10.94 Million. It signified more sell pressure compared to the outflows, which were low at $6.65 Million.&nbsp; 
As per the financial data in FTM, the number of holders making money at the time of writing was 33.02%. It meant 36.71K addresses were in profit.&nbsp; 
Similarly, the addresses that were in loss are 63.32%, which made 70.39K addresses. The addresses that were neither in loss nor profit are 4.07K, making 3.66%. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="499" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-1024x499.png" alt="On-chain data | Source: IXFI" class="wp-image-641016" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-1024x499.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-300x146.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-768x374.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-1536x748.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-150x73.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-696x339.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21-1068x520.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-21.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 On-chain data | Source: IXFI
 </figcaption>
</figure> 
Additionally, the price correlation with the market leader (BTC) has also been 0.31. The concentration of large holders was 86%, whereas investors’ concentration was 10.9%. Meanwhile, the whales’ concentration was 74.99%, and the Retail crowd held 14.1%. 
<h2 class="wp-block-heading" id="h-the-impact-of-fantom-ftm-derivatives-data-on-its-price">The Impact of Fantom (FTM) Derivatives Data on Its Price</h2> 
The Fantom token has witnessed higher long liquidations data than shorts data. The Long/short ratio of 0.8886 has showcased bear dominance.&nbsp; 
In the 24-hour derivatives market, the longs liquidated the total amount of $568.04K, while the shorts were a mere $22.86K in amount. Thus, bearishness has been prevailing on the price chart. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="247" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-1024x247.png" alt="FTM Total Liquidations Chart | Source: Coinglass" class="wp-image-641011" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-1024x247.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-300x72.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-768x185.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-1536x371.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-150x36.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-696x168.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20-1068x258.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/08/image-20.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 FTM Total Liquidations Chart | Source: Coinglass
 </figcaption>
</figure> 
Similarly, the open interest (OI) has declined, with total OI at $112.64 Million, and perpetual volume inflow has dipped 28.37%, amounting to $112.64 Million. 
<h2 class="wp-block-heading" id="h-unfolding-fantom-s-day-chart">Unfolding Fantom’s Day Chart</h2> 
The surge up until March 2024 from the October low was nearly 600% gains, which, due to the loss of bulls’ traction, ended up in a bear grip. That took FTM price in a falling wedge. 
The FTM price plummeted nearly 65% of gains in almost 4 months. It has been showing critical support in a major historical demand area. 
The deterioration could extend below the demand zone if the bear’s dominance does not ease with time. Moreover, if the critical support shows a pump in bulls’ presence and interest, a breakout could be witnessed from a falling wedge pattern.  
<a href="https://in.tradingview.com/chart/FTMUSD/wNfTy4kR-Unfolding-Fantom-s-Day-Chart/"></a><a href="https://in.tradingview.com/u/Sam_TCR/"></a><a href="https://in.tradingview.com/"></a>  
The FTM price action, perpetual, and spot markets depict further downward acceleration. Bears could eye support levels of $0.30 and $0.20. 
However, some on-chain and social metrics signify increased user activity, and hope could surge, leading to a breakout. In this scenario, the resistances are at $0.55 and $0.65, respectively. 
The post <a href="https://www.thecoinrepublic.com/2024/08/02/fantom-ftm-will-bulls-break-free-or-bears-deepen-the-abyss/">Fantom (FTM): Will Bulls Break Free Or Bears Deepen The Abyss</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Fantom (FTM): Will Bulls Break Free Or Bears Deepen The Abyss

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