Fantom (FTM) has been experiencing a decline in demand and network usage, leading to a decrease in the value of its native token FTM. While the rest of the market has seen gains, FTM has seen a downward trend in value. New users have been shunning Fantom, with the daily number of new addresses created for trading FTM dropping significantly since reaching a peak earlier this year. This decline in new addresses has also resulted in a decrease in the number of profitable transactions involving FTM.
The daily count of new FTM addresses peaked at 537 on March 19 but has since dropped significantly, with only 51 new addresses being created on the Fantom network as of June 10. This low number of new addresses has not been seen since September 2023, indicating a lack of interest from new users. The decline in new addresses has also impacted the token’s value, with a lower volume of profitable transactions being reported. The daily ratio of transaction volume in profit to loss for FTM currently stands at 0.44, indicating that the number of profitable transactions is lower than those resulting in losses.
Fantom’s Relative Strength Index (RSI) is currently at 34.74, suggesting a significant decline in buying pressure for the token. If this trend continues, FTM’s price may dip below $0.60 to around $0.51. However, if buying pressure increases, the price could rally to $0.70. It is essential to note that this price analysis is for informational purposes only and should not be considered as financial advice. Market conditions can change rapidly, so conducting thorough research and consulting with a professional before making any financial decisions is crucial.
In conclusion, Fantom has been facing a decline in new demand and network usage, leading to a decrease in the value of its native token FTM. This has resulted in a decrease in the number of profitable transactions involving FTM, with the daily count of new addresses created for trading the token also dropping significantly. The current RSI for FTM indicates a decline in buying pressure, which may cause the price to fall below $0.60. However, if buying pressure increases, the price could rally to $0.70. It is essential to conduct thorough research and consult with a professional before making any financial decisions based on this information.
Discussion about this post