- FTM has been ranked as the number one altcoin on LunarCrush AltRank.
- Bullish momentum is slowing down showing buyers may be exhausted.
phantom [FTM] secured first place in the ranking of altcoins that outperformed bitcoin [BTC] on December 14 data from LunarCrush showed.
The cryptocurrency social analytics platform has an AltRank feature that tracks the social and market activity of 4,047 coins and how they outperform the leading coin BTC.
Read Fantoms [FTM] Price prediction 2023-24
To record its position as the altcoin that has outperformed BTC the most in terms of social activity, FTM’s social volume was ranked 67th out of all 4,047 altcoins tracked and recorded a social score of 27.
With leading social + market activity, #Fantom has achieved AltRank™ 🥇 among the top 4,047 coins.
LunarCrush AltRank™ searches for coins that outperform #Bitcoin. Boost your account to get access to our exclusive AltRank™ Insights.
More $ftm nsights: https://t.co/G3VYwsWOfa pic.twitter.com/HUvb3FNxHp
— LunarCrush (@LunarCrush) December 14, 2022
FTM for the win
According to data from CoinMarketCap, FTM was exchanging hands at $0.2384 at press time. While the rest of the market suffered a decline after FTX’s unexpected demise, FTM decoupled from the rest of the market to post gains.
Over the past month, its value has increased by 28%. During this period, Alt’s market cap also increased from $480 million to $660 million.
Additionally, an assessment of FTM’s open interest since the FTX debacle revealed a rally since Nov. 10. According to data from Coinglass, it was $52.04 million at press time, up 79% since Nov. 10.
This showed that there was strong bullish conviction behind the price rally that was unaffected by the FTX collapse.
Source: coin jar
Here’s a caveat
While FTM’s price may have rallied over the past month, an assessment of its performance on a daily chart showed that the alt has been trading in a tight range since the beginning of the month.
As a result, key indicators remained bullish but had weakened over the past two weeks. Additionally, the price has been showing a pattern of lower highs, which makes the recent drop in momentum understandable.
The Relative Strength Index (RSI) was 54.91 at press time. Below its neutral 50 region, the waning bullish momentum saw FTM’s Money Flow Index (MFI) found at 40.25, still in a downtrend.
Additionally, his Chaikin Money Flow (CMF) and On Balance Volume (OBV) are flat since the beginning of the month. While these indicators remained bullish, their sideways movement since December showed that buyers may be exhausted and a market takeover by sellers is imminent.
Source: TradingView
A look at FTM’s Age Consumed metric confirmed this. This metric tracks the activity of previously dormant coins on the blockchain.
An increase in consumed ages indicates that a large number of previously inactive tokens are now being moved between addresses, possibly indicating a sudden change in behavior among long-term holders.
According to data from Santiment, FTM saw an increase in Age Consumed and this was followed by a fall in prices. This indicated that a local bottom had been reached and a negative price reversal was imminent.
Source: Santiment
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