- Santiment tweeted that FTM sharks and whales have been dumping the altcoin heavily.
- $259.7 million worth of FTM has been dumped by large addresses in the last 4 weeks.
- The price of FTM remains above the 9 and 20-day EMA lines despite a small retracement.
The blockchain intelligence firm Santiment tweeted today that Fantom (FTM) shark and whale addresses have been dumping the altcoin heavily during the 2023 crypto market rise. According to the tweet, addresses holding between 10,000 to 100 million FTM dumped $259.7 million worth of FTM coins in the past 4 weeks.
The tweet did, however, add that the coins that have been dumped by FTM shark and whale addresses have been “scooped up by micro addresses holding between 0.01 and 1 FTM.”
In related news, the price of FTM is up more than 11% over the last 24 hours according to CoinMarketCap. At press time, the price of FTM stands at $0.5141. The altcoin also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 8.84% and 7.51% respectively during the same time period.
Daily chart for FTM/USDT (Source: TradingView)
The price of FTM has retraced slightly after its break above the key price level at $0.5054 yesterday. Nevertheless, the price of FTM is receiving support from the 9-day and 20-day EMA lines.
There is still bullish momentum present on FTM’s chart as the 9-day EMA remains positioned above the 20-day EMA line. Furthermore, there is a long-standing trendline present on FTM’s chart which has a positive slope.
Lastly, the MACD Histogram is gradually becoming less negative as well. All of these technical indicators suggest that FTM’s price will rise in the coming 24 hours. This bullish thesis will be invalidated if FTM’s price closes today’s trading session below the support level at $0.5054.
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