The supply of Fantom (FTM) coins on the exchanges decreased to 639 million and the FTM price decreased by 8.23% to $ 0.4748. However, the Parabolic SAR indicator shows an uptrend for FTM.
According to data on Wednesday, the number of Fantom (FTM) coins on cryptocurrency exchanges dropped to 639 million, the lowest level since January 10, 2022. This decrease in the supply of FTM on exchanges during the Bitcoin-led market rally suggests that investors are choosing to hold their cryptocurrencies and this may be a harbinger of a potential uptrend.
The stock market supply of Phantom coins increased to 674 million units on April 4, reaching its peak during the year. There has been a 5% decrease since then. The decrease in supply in exchanges shows that investors are withdrawing their assets from exchanges and moving them to private wallets with long-term goals. This can create a positive environment in the market as supply decreases and demand increases in the stock market.
Additionally, FTM's Average Coin Age also supports the uptrend. Average Coin Age measures how long, on average, all coins on a given blockchain have been held. This data shows that FTM coins are held for longer and investors continue to accumulate. Currently, FTM's Average Coin Age is measured as 631.
Currently, the price of FTM has dropped by 8.23% to $0.4748, along with the decline in BTC. There has been a 2.34% decrease in its price over the past month. However, the Parabolic SAR indicator remains below the price of FTM, indicating an uptrend. The points of this indicator have been in the same direction since July 9.
The Parabolic SAR indicator determines the asset's potential trend direction and reversal points. When the points of the indicator remain below the price, it appears that the market reflects an uptrend. If the trend does not break and the FTM price continues to rise, $0.57 can be targeted and the price can rise above $0.5. However, if a negative trend develops, the value of FTM may decline to $0.37.
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