• Fantom (FTM) has seen a 200% surge in its price since January 2021.
• Positive metrics, such as the Relative Strength Index (RSI), volume, and whale transactions suggest that the rally is still ongoing.
• However, the Market Value to Realized Value ratio (MVRV) reveals that the asset may be overvalued at its current level.
Fantom [FTM] Price Rally
Fantom [FTM] has surged 200% since its price rally began in January. Several metrics are suggesting a bull run except for the MVRV ratio. Fantom [FTM] is undoubtedly one of the coins in the market that saw a significant surge in January. When seen on a daily timeframe, it rallied by 200% from January 1 until the time of this writing. The asset was trading at about $0.5 at press time, a price range last seen in May 2022. However, the price was still a long way down from its peak, which was almost $3.
Positive Metrics Suggest Bull Run
FTM was in a bull trend at the time and a powerful one at that, according to the Relative Strength Index (RSI). The RSI line had crossed the overbought boundary and was over 70. A glance at the Santiment volume metric revealed a recent uptick in Fantom (FTM) volume. It is common for trading volume to slow or even stop growing while prices rise rapidly; however with Fantom, that’s not the case at all. An examination of the whale transaction measure further revealed that whale activities had increased significantly during past few weeks with accumulations mostly occurring on Jan 19 and 20th indicating an uptrend only getting started.. Mean Dollar Invested Age also dropped significantly indicating rally is very much on with healthy amount of activity meeting this price increase from previously inactive currencies showing positive indicator
Caution Signal From MVRV
The Market Value to Realized Value ratio (MVRV) revealed a level which might be both thrilling and warning as FTM demonstrated high level of profitability for investors with 30-day MVRV being 61.49%. The 365-day MVRV which stood around 55 83% likewise showed significant level of profitability however it was overvalued at its current levels both period wise signally cautioning investors
It can thus be concluded from above analysis that although FTM is displaying bullish trends backed by several positive metrics like RSI , Volume , Whale Transactions etc . But caution should be taken as Market value realized value ratio points towards an overselling situation .
It is hard to predict future prices but according to experts predictions FTM could reach up to $4 -$10 by end of 2023 or 2024 .