Fantom Gains 10% Despite Potential Price Reversal: MVRV Ratios Spike
• Fantom (FTM) has gained 10.24% in the last 24 hours, despite low exchange inflow and outflow.
• Technical indicators predict that the token could go through consolidation in the near future.
• Market Value to Realized Value (MVRV) ratio has recovered from its lows, signaling potential profit-taking by investors.
Fantom Gains Over 10% in Last 24 Hours
Fantom [FTM], the smart contract token, gained over 10% in the last 24 hours after holding support. Ali_charts reported that there was no resistance barrier that could prevent FTM from going upward.
Exchange Inflow is Low
Santiment’s data revealed that the exchange inflow was down to 293,000 while its opposite number, the exchange outflow, was higher at 899,000. The large difference implied that FTM enjoyed more accumulation than intention to dump the token.
Technical Indicators Predict Potential Consolidation
The Directional Movement Index (DMI) puts FTM in a potential consolidation period as +DMI (green), although higher than -DMI (red), did not have support of Average Directional Index (ADX). The ADX value of 38.39 indicated an impending bearish momentum for the trend which might drive FTM to swing around $0.5 region. The Awesome Oscillator also signaled an impending bearish momentum with repeated red bars indicating it.
Market Value to Realized Value Ratio Revived
The Market Value to Realized Value (MVRV) ratio revived from its lows which may indicate potential profit-taking by investors who have recently made profits on their investments in Fantom token [FTM].
Despite potential fall due to technical indicators predicting consolidation period for Fantom [FTM], its surge has helped investors portfolio as MVRV ratio revived from its lows indicating a possible profit-taking activity by recent investors of this DeFi token