Market
Fantom (FTM) Eyes New Lows as Demand Plummets
Fantom (FTM) has seen a significant decline in new demand in the past few months. This decline in network usage connotes a drop in the demand for its native token, FTM.
Due to this, while the rest of the market logged gains in the last month, the value of FTM trended downward.
New Users Shun Fantom
The number of new addresses created daily to trade FTM rallied to a year-to-date (YTD) peak of 537 on March 19. On the same day, the number of unique addresses involved in at least one transaction involving the altcoin totaled 1280.
However, after climbing this high, the daily count of new FTM addresses has since declined. As of June 10, only 51 new addresses were created on the Fantom network, the blockchain’s lowest count since the beginning of the year.
The last time Fantom’s daily new address count was this low was September 2023.
Read More: What Is Fantom (FTM)?
The decline in the daily number of FTM’s new addresses and the resulting drop in the token’s value is partly attributable to the recent low volume of profitable transactions.
An assessment of the FTM’s daily ratio of transaction volume in profit to loss using a seven-day moving average confirmed this. As of this writing, this was 0.44.
This suggests that for every FTM transaction that ended in a loss in the last month, only 0.44 transactions returned a profit. This means that the number of profitable transactions is lower than those that produce gains.
FTM Price Prediction: A Dip Below $0.60?
At press time, FTM’s Relative Strength Index (RSI) rested at 34.74, far from its 50-neutral line. This indicator helps traders identify overbought or oversold conditions in a market by measuring the speed and change of an asset’s price movements.
It ranges between 0 and 100, with values above 70 suggesting that the asset is overbought and may be due for a pullback, while values below 30 indicate that the asset is oversold.
At 34.74, FTM’s current RSI suggests a significant decline in buying pressure.
If this trend continues, FTM will slip under the $0.60 price level to exchange hands at $0.51.
However, if this is invalidated and buying pressure gains momentum, the bulls may be able to initiate a rally toward $0.70.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Is the XRP Price Decline Going To Continue?
Ripple’s XRP hit a year-to-date high of $1.63 on November 23. However, fading bullish momentum has made future traders doubtful about the rally’s sustainability. An increasing number are opening short positions, expecting a near-term price correction.
Currently trading at $1.44, XRP has declined by 6% in the past 24 hours. This analysis explores the recent activity in the token’s futures market and assesses the likelihood of a continued XRP price decline.
Ripple Traders Bet on a Price Drop
A drop in its open interest has accompanied XRP’s price decline over the past 24 hours. Per Coinglass data, this sits at $2.52 billion, falling by 9% during that period.
Open interest refers to the total number of active contracts in a derivatives market, such as futures or options, that have not been settled. When open interest drops as an asset’s price falls, traders are closing their positions to lock in profits or minimize losses, indicating reduced market participation.
In XRP’s case, this suggests waning confidence in the continuation of the uptrend and hints at a sustained reversal in the asset’s price movement.
Moreover, XRP’s Long/Short ratio confirms this bearish outlook. As of this writing, this sits at 0.96%, with 51% of all positions opened shorting the altcoin.
The Long/Short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price decreases) in a market. When the ratio is below 1, it indicates that there are more short positions than long positions, suggesting a bearish sentiment among traders.
This imbalance in the XRP market reflects growing pessimism about the asset’s near-term prospects and may contribute to continued downward pressure on its price.
XRP Price Prediction: More Declines Imminent
XRP is currently trading at $1.44, holding above the $1.33 support level. If bearish sentiment intensifies, the price could drop to this support. A further decrease in buying pressure at that level may push XRP down to $1.15.
On the other hand, a shift in market sentiment from negative to positive will invalidate this bearish outlook. Should this happen, the altcoin will reclaim its year-to-date high of $1.63 and attempt to surpass it.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Winklevoss Urges Scrutiny of FTX and SBF Political Donations
Gemini co-founder Cameron Winklevoss has called for a renewed investigation into the dropped campaign finance charges against Sam Bankman-Fried, the convicted founder of the now-defunct FTX exchange.
Winklevoss emphasized the need for the incoming US Attorney General to address unresolved concerns about how these charges, tied to election interference involving stolen customer funds, were handled.
Winklevoss Demands Probe Into FTX-Linked Election Interference Accusations
In a November 23 post on X, Winklevoss expressed the belief that the campaign finance allegations remain a critical issue. He pointed to the Department of Justice under Merrick Garland, which declined to pursue these charges due to extradition technicalities with the Bahamian government.
According to Winklevoss, the DOJ chose not to work through the required legal processes to include the campaign finance violations in the indictment, leaving the matter unaddressed.
“Merrick Garland’s DOJ refused to pursue campaign finance charges against SBF because they were not included in his extradition…Since when has paperwork stood in between a prosecutor and adding more charges? Especially when it involves election interference with $100m of stolen customer funds,” Winklevoss stated.
Federal prosecutors initially dropped the campaign finance charge last year, attributing their decision to objections from Bahamian authorities. This charge involved over $100 million allegedly funneled from Alameda Research to fund more than 300 political contributions.
According to the indictment, these contributions, often made through straw donors or corporate funds, aimed to enhance Bankman-Fried’s influence in Washington, D.C.
The indictment also noted that Bankman-Fried became a top political donor in the 2022 midterm elections. He allegedly used the funds to gain favor with candidates across party lines, potentially shaping legislation favorable to FTX and the broader crypto industry.
Winklevoss’ remarks come as other key figures in the FTX collapse face their consequences. While Caroline Ellison and Ryan Salame received sentences of two years and 7.5 years, respectively, Gary Wang and Nishad Singh avoided prison by cooperating with prosecutors. Bankman-Fried is currently serving a 25-year prison sentence for fraud and other crimes.
Meanwhile, FTX has announced plans to implement its approved reorganization strategy starting in January. The exchange’s bankruptcy managers have recovered billions of dollars for creditors and are intensifying efforts to reclaim assets held by other entities.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why a New Solana All-Time High May Be Near
Solana’s (SOL) price clinched a new all-time high of $264.39 during the trading session on November 23. Its price has since witnessed a 3% correction, causing the popular altcoin to exchange hands at $255.12 as of this writing.
Despite this pullback, the bullish bias toward the altcoin strengthens. An assessment of its daily chart highlights two reasons why a new Solana all-time high may be on the horizon.
Solana Bulls Relegates Its Bears
On the SOL/USD one-day chart, its price is positioned above the green line of its Super Trend indicator. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend.
When the Super Trend line is above an asset’s price, it signals a downtrend, suggesting continued bearish momentum. In Solana’s case, when the Super Trend line turns green and moves below the price, buyers are in control.
This green line often acts as a support level, where increased buying pressure can drive a rebound following price dips. For Solana, this support is currently set at $213.53.
Further, the coin’s price rests significantly above its Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.
When an asset’s price rests above the Ichimoku Cloud, it signals a bullish trend. It indicates that the asset is on an upward trend with the potential for further gains. In this case, the Cloud is a dynamic support zone below the price, reinforcing bullish sentiment.
SOL Price Prediction: New High on the Horizon
At press time, SOL trades at $255.12, below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the coin’s price will flip this level into a support floor and attempt to touch a new peak.
On the other hand, if profit-taking activity resurges, SOL’s price will shed some of its current gains to trade at $231.35. Should this level fail to hand, SOL’s price will fall toward the support formed by its Super Trend indicator at $213.53. This will invalidate the possibility of a new Solana all-time high in the near term.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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