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Fantom has become accustomed to shattering records at this stage. This alternative has appreciated by more than 7000 percent since the beginning of the year, as reported recently. Unlike other coins’ stratospheric rises, FTM’s rise has been mostly organic and underpinned by fundamentals.
When compared to Avalanche, Solana, Tron, Ethereum, or Polygon, the TVL locked on this DeFi platform has grown the most since September.
FTM’s stock first reacted well, rallying to a degree, but then slowing down on November 9th. In fact, its value has been declining since then. So, is the coin just waiting for the “right time” to react or continue pumping, or has it stepped into its bearish phase already?
Time to re-shine
Unlike the rest of the market’s coin’s, Fantom’s correlation with Bitcoin has not been that strong. Until 17 November, this coin shared a negative correlation, and even at the time of writing, this number was barely in the positive territory. What this means is that until Bitcoin’s prospects get better, Fantom does have some time to shine.
Interestingly, key metrics were in favor of the aforementioned narrative. The supply on exchanges was at is local peak towards the end of October. The same started depleting in November and has been able to keep with with that trend until now.
This, to a fair extent, highlights the demand of FTM tokens and their movement into private wallets.
On the asset’s chart, the Price DAA Divergence has also been projecting bullish streaks. Indeed, bullishness increased from 111 percent on November 13 to close to 551 percent at the time of analysis.
This metric measures the correlation between the price of an alt and the number of daily active addresses that connect with it.
The present projection highlights the good condition of the daily active addresses and network traffic.
Following the 13 November increase, Fantom’s deposit transactions have likewise returned to normal levels. On a daily basis, this measure displays all incoming and outgoing transactions involving token deposit addresses.
Spikes normally signal an increase in short-term trade pressure, whereas movement to the low side usually indicates the absence of sell pressure. As a result, HODLers are unlikely to forsake their coins at this time.
The buying bias was further re-asserted by the state of the trades per side metric. As per data from ITB, the buy-sell difference over the past 12 reflected a positive value of 2.3 million tokens, implying that buy trades were leading the proceedings.
In light of the aforementioned projections it can be concluded that Fantom’s “right time” to pump again is just round the corner.