Whales favor Fantom as it witnesses massive gains, but for how long?

• Fantom’s terms accrued by 14% successful the past week
• Some metrics suggested a further surge, but the RSI and MFI could bring trouble. 

Fantom [FTM] gained popularity among the whales successful the past fewer days, arsenic it was connected the database of apical 10 cryptos by trading measurement among the 2000 biggest ETH whales.

Not lone that, but FTM’s caller terms enactment appeared to beryllium rather promising for investors, with double-digit gains.

JUST IN: $FTM @FantomFDN present connected apical 10 by trading measurement among 2000 biggest #ETH whales successful the past 24hrs 🐳

Peep the apical 100 whales here: https://t.co/R19lKnPlsK

(and hodl $BBW to spot information for the apical 2000!)#FTM #whalestats #babywhale #BBW pic.twitter.com/HngN9JjVGW

— WhaleStats (tracking crypto whales) (@WhaleStats) January 6, 2023

As per CoinMarketCap, FTM’s terms accrued by implicit 14% successful the past 7 days, and astatine property time, it was valued astatine $0.2255 with a marketplace capitalization of implicit $624 million.

Let’s dive successful to find the crushed down the whale involvement and the spike successful FTM’s terms implicit the past week. 

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Read Fantom’s [FTM] Price Prediction 2023-24

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Fantom ecosystem remained eventful 

Fantom besides precocious announced a fewer partnerships that added worth to the blockchain and helped summation its offerings and capabilities. For instance, My Container opened staking for Fantom.

With this caller development, communities tin utilize the earning applications of the FTM token done staking and enactment the project’s infrastructure to physique the champion decentralized applications. 

In the official announcement, My Container mentioned,

“MyCointainer has added the $FTM token to the database of proof-of-stake assets disposable connected the platform. The staking begins erstwhile the deposit has been validated and reflected successful your MyCointainer wallet.”

Moreover, Meta Fab besides entered the Fantom ecosystem. With this caller partnership, developers tin motorboat crippled infrastructure connected Fantom successful minutes and onboard mainstream gamers with zero crypto friction. 

We are thrilled to invited @tryMetaFab to the #Fantom ecosystem!

With MetaFab, devs tin motorboat crippled infrastructure connected Fantom successful minutes & onboard mainstream gamers with 0 (zero) crypto friction 👾 https://t.co/UULwMy07yL

— Fantom Foundation (@FantomFDN) January 5, 2023

While these developments looked promising, a fewer of the on-chain metrics besides mightiness person played a relation successful FTM’s caller uptrend. FTM’s Market Value to Realized Value (MVRV) Ratio registered an uptick. Moreover, FTM’s speech outflow besides spiked rather a fewer times, which was bullish.

Nonetheless, CryptoQuant’s data revealed that FTM’s Relative Strength Index (RSI) was successful an overbought position, suggesting a inclination reversal successful the days to follow. 

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How many FTMs tin you get for $1?

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What should investors expect?

Much similar the metrics, FTM’s marketplace indicators besides looked bullish and suggested a continued surge. The Exponential Moving Average (EMA) Ribbon pointed retired the anticipation of a bullish crossover. The On Balance Volume (OBV) besides remained comparatively high, further expanding the accidental of a terms surge.

However, the Money Flow Index (MFI) was conscionable astir to participate the overbought zone, which mightiness restrict FTM’s terms from rising successful the abbreviated term.