Fantom’s Decline in Demand Signals Trouble for FTM Holders π
Fantom (FTM) has experienced a notable decrease in new demand, leading to a drop in the usage of its network and its native token, FTM. While other cryptocurrencies have seen gains recently, FTM’s value has been on a downward trend. Let’s explore what this decline means for Fantom and its investors.
New Users Shun Fantom π ββοΈ
- The number of new addresses created daily for FTM peaked at 537 on March 19, with 1280 unique addresses involved in transactions.
- As of June 10, only 51 new addresses were created, the lowest count since the beginning of the year.
- The last time the daily new address count was this low was in September 2023.
Reasons Behind the Decline in FTM’s Value π
- The decrease in new FTM addresses is linked to a drop in profitable transaction volumes.
- An analysis of FTM’s ratio of transaction volume in profit to loss showed a ratio of 0.44, indicating more loss-making transactions than profitable ones.
FTM Price Prediction: Dipping Below $0.60? π
- FTM’s Relative Strength Index (RSI) currently sits at 34.74, signaling a decrease in buying pressure.
- If this trend continues, FTM’s price could fall below $0.60 to $0.51.
- However, a reversal in buying pressure could lead to a rally towards $0.70.
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