The Total Value Locked (TVL) on this DeFi platform has increased the most since September compared to TVLs from Avalanche, Solana, Tron, Ethereum or Polygon.
FTM initially responded positively and won reasonably well, but slowed down on September 11th and has since declined. Is the price just waiting for the “right moment” to continue to rise, or has it entered a bearish phase?
FTM 4 Hour Price Chart | Source: Tradingview
Unlike other altcoins on the market, FTM’s correlation with Bitcoin isn’t that strong. As of November 17 the correlation is negative, and even at the time of writing the number is barely in positive territory. Accordingly, FTM will have some time to shine before Bitcoin’s outlook improves.
Interestingly, the key indicators also support the above story. Supply on the stock exchanges reached a local high by the end of October, began to dry up in November and has remained so ever since.
This indicates an increased demand for FTM and coins that are being moved to private wallets.
The source: mood
DAA Divergence – The price of the asset is also bullish. In fact, the uptrend’s strength escalated from 111% on 11/13. to almost 551% at the time of analysis.
This indicator tracks the relationship between the price of altcoins and the number of daily active addresses that interact with them. Right now it highlights the solid state of daily number of active addresses and network activity.
Source: Santiment
Deposit transactions have also returned to normal levels after a surge in November. This metric highlights all incoming and outgoing transactions related to FTM sender addresses on a daily basis.
An increase usually indicates increased short-term trading pressure, while a decreasing indicator indicates less selling pressure. Hence, it can be said that HODLer will not give up its tokens at this point.
The buying trend continues to be confirmed by the status of each page’s trade data. According to data from ITB, the buy-sell spread from October 12 to November 19 reflects a positive value of 2.3 million tokens, which means the number of purchases leads the way.
Deposit transactions | Source: Santiment
From the above forecasts it can be concluded that the “right time” for the FTM to rise again is imminent.
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