- Fantom Foundation transferred more than $4 million in FTM to Binance.
- A downward trend was observed in metrics and market indicators.
Ghost (FTM) Recently, the market was unable to follow the current uptrend as its price declined in the last 24 hours to press time.
According coin market capFTM posted a daily decline of more than 3% and was trading at $0.5255 at the time of writing with a market capitalization of more than $1.45 billion.
This was in stark contrast to the Token Terminal data: FTM was also listed among the top blockchains for the lowest P/S ratio, suggesting that the token was undervalued.
👀 View top blockchains by lowest P/S ratio (fully diluted)
📚 Index is calculated as FDV divided by total revenue for 1 year
👉 This suggests that the lower the index, the higher the capacity#ghost @FantomFDN $FTM pic.twitter.com/HqrOxtztN0— Ghost Insider (@fantom_insider) February 20, 2023
LookOnchain recently pointed out an interesting development that could drive the price of FTM down further in the coming days.
According to the tweet, the Phantom Foundation moved over $4 million worth of FTM to Binance, a negative update as it has the potential to increase selling pressure.
A similar FTM transfer episode occurred last May during the Terra Luna accident.
Phantom Foundation Wallet Transferred 7.5M $FTM($4 million) to #binance ~20 minutes ago.
Phantom Foundation was transferred last time $FTM $Binance was during the LUNA/UST crash in May 2022. pic.twitter.com/nonowpbZRP
– lookonchain (@lookonchain) February 20, 2023
Reading Ghost Price Prediction (FTM) 2023-24
This has happened despite several positive developments in the ecosystem in recent days. For example Travala Announced who will support the payment ftm on your platform.
This was an optimistic update for the Phantom ecosystem as it indicates an increase in global adoption.
What do the metrics suggest?
The sentiment charts revealed that some metrics went against the FTM in the recent past.
For example, the FTM exchange entries recorded a big jump on February 20, which was a bearish sign.
Their network growth has also slowed in the past two days, adding to the possibility of a further drop in price. positive vibes all around ftm I was also surprised. Therefore, it indicates low confidence among investors in the token.
Furthermore, FTM’s MVRV ratio also registered a gradual decline, a development in favor of the bears.
However, the interest of whales in FTM seems to be increasing as the total supply of FTM by the main addresses has registered an increase.
Is your wallet green? check ghost earnings calculator
the bears are winning
Investors may have more reason to worry as FTM’s market indicators clearly show the bearish advantage in the market.
ftmChaikin’s (CMF) money flow dropped sharply, which was a negative sign. The MACD also revealed that the bears were leading the market.
FTM’s Relative Strength Index (RSI) is down slightly, raising the chances of a sustained price decline.
Source: TradingView
