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Fantom (FTM) experienced a rapid rise on December 14, showcasing an impressive intraday rally of 18%. This increase brought the cryptocurrency to its highest price point since May.
The Bull Cycle in FTM
Data from CoinMarketCap indicates that, despite FTM losing some of these gains since then, it has remained at a high of 6% over the last 24 hours. Last week saw an increase in the demand for FTM. Analyzing the performance of the token on the daily chart revealed that a new bull cycle commenced on December 6.
Furthermore, the token’s Moving Average Convergence Divergence (MACD) indicator witnessed the MACD line intersecting with the trend line in an upward trend. When a token’s MACD line crosses above the trend line and starts to show an upward trend, it is considered a bullish signal. This crossover, where the short-term moving average (MACD line) moves above the long-term moving average, could indicate that the bulls are re-emerging. Following the takeover by the bulls on December 6, FTM’s price increased by over 20%.
Volume Increase in FTM
Since the MACD crossover, the token’s Chaikin Money Flow (CMF) started an upward trend and was observed at its highest level since January at the time of writing. This indicator measures the volume of money flowing into and out of a token. Consequently, when it rises in this manner, more money is entering the market, which could cause the price to increase.
Additionally, fundamental momentum indicators that measure the accumulation of FTM suggest that token accumulation has surpassed distribution, nearing overbought peaks. For instance, the token’s Relative Strength Index (RSI) stands at 65.93 and Money Flow Index (MFI) at 73.63. Similarly, FTM’s On-Balance Volume (OBV) is at an all-time high of 19.97 billion. This indicator is used to measure buying and selling pressure on a token. A rising OBV can indicate strong buying pressure and may suggest that investors are accumulating the token.
