Global cryptocurrency market capitalization has fallen by more than 15% in the last 24 hours, reaching $878.77 billion at the time of writing. Fantom as most of the top altcoins are bleeding price action was also in despair.
On October 22, Fantom’s price began to recover from the heavy losses recorded throughout the year. FTM Price After Oct. 22, there was a sustained rally (except for a few days) until Nov. 8, when the price action succumbed to the bears.
Looking at Phantom’s on-chain indicators suggested a positive outlook for the token should a recovery begin. However, with the daily window he fell 16.77% and several key supply and demand indicators look bleak, there is not much for FTM holders to get excited about.
Fantom holders save FTM prices?
At the time of writing, FTM is priced at $0.20, down 17.08% on the daily chart and down 9.68% on the weekly chart. The recent crash had a big impact on the price of his FTM, but FTM holders remained optimistic.
IntoTheBlock data highlights that Fantom holders have risen by 31.47% over the past 30 days. However, the cruisers that previously dominated her FTM address saw her drop by 13.36%. Address by time holdings data for the Phantom showed a healthy increase in holders and traders over the 30-day window.
However, looking at balances by holding time, only holders increased their balances, while both traders and cruisers decreased their bags. One reason for that could be the lower price point the Fantom is moving into.
The Fantom’s price is down 94.17% from its all-time high of $3.47 in October 2021.
Even if phantom holders’ addresses and holding balances increase, it will be difficult for FTM holders to maintain the price in such a volatile environment.
Where are the FTM whales?
While holders increasing their balances is a positive long-term signal, whales often play a more significant role in macro price movements. Sadly, FTM whale address I was reducing my holdings.
Looking at Fantom’s supply distribution by address balance, we found that the largest whale cohort reduced its holdings by about $90 million. An FTM address with 10 million to infinite coins, in May he had over 1.35 billion coins, but now he’s at 1.26 billion as the indicator oscillates around yearly lows. I own a million.
That said, Fantom’s decline in active address and network growth has caused further bearish pressure on the token. DeFi The total value locked remained close to all-time lows around $468.87 million.
When DeFi TVL at low active addresses and the number of traders appearing to lower demand for FTMs. A push from retailers, traders and cruisers could prove healthy for the FTM price.
However, if the FTM price falls below $0.20 in the meantime, the same can lead to further losses as the FTM price does not have a significant support wall.
IntoTheBlock’s In and Out of Money Around Price at the $0.20 mark suggests 251 addresses hold 2.49 million FTM tokens and then no major supply barriers to avoid price falls .
However, in the case of bearish disabling if the price rises, we might expect a move to the next resistance at the $0.21 mark.
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