- OI Data Reveals A 50% Inflow
- Fantom Crypto Volume Analysis
- Fantom Price Forecast: Bulls Initiate a Recovery
Following a recent price surge in the Fantom cryptocurrency, the token's value reached $0.38, reflecting a 5% increase over the past day. Alongside this, several on-chain metrics have shown significant improvements.
OI Data Reveals A 50% Inflow
In the first week of August, the price of Fantom noted a sharp downturn following a broader market crash. During this period, the number of open contracts dropped to $47 million. Open interest is a metric that monitors the number of open positions in a specific cryptocurrency contract. According to data from Santiment, the number of open contracts saw a 50% growth, increasing from $50 million to $75 million, indicating improved investor confidence.
Fantom Crypto Volume Analysis
The volume analysis showed that transaction volume grew from $50 million to $200 million in a week, indicating heightened demand for the cryptocurrency. The volume to market capitalization ratio was 12.9%, indicating high volatility in the crypto. With a current live market capitalization of $1.07 billion, Fantom ranks 59th in the crypto space. Fantom is a smart contract platform providing developers with decentralized finance (DeFi) services. Out of 3.1 billion FTM tokens, around 2.8 billion are currently in circulation.
Fantom Price Forecast: Bulls Initiate a Recovery
Recent sessions have observed consistent buying from the lows, indicating the price is heading for a recovery. The increased OI data and transaction volume suggested bulls' domination in the short term. However, the long-term trend outlook favored a bearish side as the price lags 45% below the 200-day EMA. As of now, the Fantom price has surpassed the 20-day EMA, suggesting a bullish outlook in the short term. The daily chart highlighted the formation of a falling wedge pattern with the price currently established near the higher boundary. If the price resumes its recovery above the $0.39 level, it may rise toward the next short-term target of $0.45. Conversely, if the price fails to break out of the falling wedge pattern and faces rejection from the higher levels, it may slide towards the lower boundary of the wedge at the $0.29 level.
Currently, the Fantom price shows signs of recovery in the short term despite a bearish long-term trend. It is recommended to closely monitor updates on OI data and transaction volume for assessing further price dynamics.
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