Will Fantom’s slow and steady approach drive FTM to reach new highs?

• Fantom made its way to LunarCrush’s charts and gained the ‘coin of the day’ title on 4 July.
• FTM’s metrics and indicators saw some significant changes which indicated a bullish narrative in the making. 

Most altcoins were performing in tandem with investor expectations as we hit the third quarter of the year. However, that wasn’t the case with all altcoins. Over the last 30 days, Fantom’s [FTM] performance was mostly influenced by the bears and flashed red.

But, as per LunarCrush’s latest update, FTM holders could have a significant reason to rejoice. As of 4 July, Fantom’s FTM was named the coin of the day. FTM’s social and market performance were the driving factors for FTM’s latest update.

Additionally, FTM’s Galaxy Score stood at 38.5/100.

Read Fantom’s  [FTM] Price Prediction 2023-24

A slow march toward the bulls…

Data from the intelligence platform Santiment showed that FTM’s network growth (yellow) did witness a rise since the beginning of June. Although at press time, the network growth stood at 184, it did witness a drop from the highs of 394 over the last two days. This wasn’t a great sign for the network.

Furthermore, FTM’s development activity (purple) rested at 0.964. The good news with the development activity was that it witnessed a rise from the lows it saw at the end of June. Another metric that did witness some improvement was FTM’s weighted sentiment (red).

Although at press time FTM’s weighted sentiment stood at -0.852, it was an uphill climb from the -1.46 it saw on 12 June. A rise in the weighted sentiment indicated that the market’s sentiment was turning in favor of the altcoin.

Source: Santiment

Where there is a bull, there is a way…

A look at FTM’s price action showed that the bulls were in favor of the altcoin. This was because although FTM traded 1.22% lower than its opening price, FTM’s indicators favored a positive movement. At the time of writing, FTM’s Relative Strength Index (RSI) stood at 56.02.

This indicated some buying pressure in the market. However, the titled position of the RSI could mean that FTM’s RSI could see some selling pressure as well. Furthermore, The Moving Average Convergence Divergence (MACD) moved above the zero line at press time. The good news was that the MACD line (blue) was moving above the signal line (red). This was a strong bullish indication.

Realistic or not, here’s FTM market cap in BTC’s terms

Furthermore, the Chaikin Money Flow (CMF) too stood at 0.17. The CMF above the zero line indicated that FTM stood in a position of strength at the time of writing.

Source: TradingView

However, traders may still exercise caution owing to FTM’s price action over the last few days. As per data from CoinMarketCap, FTM’s seven-day performance only saw the token surge by 1.24%. Furthermore, over the last 24 hours, FTM’s price dropped by 0.76%.