- a ghost [FTM] Up 200% since the start of the price hike in January.
- Several metrics point to an upward trajectory along with the MVRV ratio.
a ghost [FTM] It is undoubtedly one of the coins in the market that experienced a significant increase in January. When viewed on a daily time frame, it is up 200% from January 1st as of this writing.
The asset was trading at around $0.50 at the time of publication, a price range last seen in May 2022. However, the price was still far from its peak of around $3.
Read the Fantom (FTM) 2023-24 price forecast
The FTM was in an uptrend at the time and a strong one at that, according to the Relative Strength Index (RSI). The RSI line is overbought and is above 70. Is this a bull rush or a bull trap?
Positive scales indicate a bullish climb
The price chart that was observed showed the price action to be impressive so far. But the strength and validity of a price movement can only be determined by taking into account the volume scale.
a look at feelings Volume metrics have shown a recent uptick in Fantom Volume (FTM). It is common for trading volume to slow down or even stop growing while prices are rising rapidly. But with Fantom, that’s not the case at all.
A review of the conduct of electoral transactions also revealed that electoral activities have increased significantly in recent weeks.
It is also clear that the bulk of backlogs from electoral transactions occurred on January 19 and 20. This rather large increase in the relatively small FTM price drop suggested that the January rally was just beginning.
Average invested life in dollars, which measures the average life of Fantom investments, fell significantly in the second part of February.
A decrease in this metric indicates that the rally is still going up. There is quite a bit of activity meeting this price increase from previously inactive coins, which is a positive sign.
Profitable and cautious signal from NVRV
The Market Value Realized Value (MVRV) revealed a level that could be both exciting and a warning.
Fantom (FTM) has shown a high level of profitability for its owners, with a 30-day MVRV of 61.49%. The 365-day MVRV which was seen at around 55.83% also showed a significant level of profitability.
While the MVRV level is exciting for investors, it is overvalued at its current level in both periods, indicating that a market correction may be imminent.
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Taken together, these metrics indicate an uptrend and a continued rise in the current price of the asset. MVRV, which indicates a possible price reversal, was the only warning indicator.