Fantom

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/fantom-price-takes-a-major-hit" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fantom Price Takes a Major Hit</a><br></p>
<p style="text-align: justify">Fantom (FTM) experienced a significant price drop of 20% within the last 24 hours, trading at $0.29, a low not seen since October 2023. This sharp decline has resulted in substantial losses for investors, particularly in the spot market, where less profitable trades have been observed. Additionally, the futures market has seen an increase in long liquidations.</p>
<h2 id="what-is-happening-with-ftm">What is Happening with FTM?</h2>
<p style="text-align: justify">On-chain transaction <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that holders of FTM are facing more losses than gains. The profit/loss ratio of daily transactions is currently at 0.07, indicating that for every profitable transaction, there are significantly more unprofitable ones. This metric underscores the challenging environment for traders.</p>
<p style="text-align: justify">Furthermore, 80,000 wallet addresses, representing 72% of all FTM holders, are currently out of the money. An address is considered out of the money if the current <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market price</a> of FTM is lower than the average cost at which the tokens were acquired. Conversely, only 23% of holders are seeing profits.</p>
<h2 id="why-are-futures-investors-affected">Why are Futures Investors Affected?</h2>
<p style="text-align: justify">Futures investors are also facing the brunt of the downturn. Data indicates that several long positions, amounting to $2.16 million, were liquidated in the past 24 hours, marking the highest single-day long liquidation in two months for FTM. This demonstrates the extent of the bearish sentiment in the market.</p>
<h2 id="concrete-insights">Concrete Insights</h2>
<p style="text-align: justify">– Monitor on-chain transaction data to gauge market sentiment.<br> – Be cautious with long positions in a bearish trend.<br> – Track the Elder-Ray Index for insights into buyer and seller dynamics.<br> – Observe the 20-day EMA to understand short-term price trends.</p>
<h2 id="ftm-chart-analysis">FTM Chart Analysis</h2>
<p style="text-align: justify">Technical analysis on FTM’s daily chart suggests further declines are likely. The Elder-Ray Index, which measures the strength between buyers and sellers, currently stands at -0.19, indicating a strong bearish trend. Additionally, FTM is trading below its 20-day exponential moving average (EMA), signaling increased selling pressure. If this trend continues, FTM’s value could drop to $0.25. However, a trend reversal could see prices rebound to $0.48.</p>
<p style="text-align: justify">In conclusion, FTM’s current market performance is concerning for investors. The significant price drop, combined with the bearish technical indicators, suggests caution is warranted. Monitoring key metrics and trends will be crucial for navigating this volatile market.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/fantom-price-takes-a-major-hit" data-wpel-link="internal" rel="noopener noreferrer nofollow">Fantom Price Takes a Major Hit</a></h5>

Fantom Price Takes a Major Hit

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