FTM surges 30%, prompting speculation of whale manipulation

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Fantom (FTM) has recorded huge positive aspects over the previous day, with its value reaching 22-month highs.

FTM is up by 30.7% up to now 24 hours and is buying and selling at $0.67 on the time of writing. The asset’s market cap surged to $1.87 billion, making it the 59th-largest cryptocurrency. 

FTM surges 30%, prompting speculation of whale manipulation - 1
FTM value, funding fee, open curiosity and RSI – March 4 | Supply: Santiment

Following the bullish momentum, Fantom briefly touched the $0.73 mark — final seen in Could 2022 — at round 01:30 UTC on March 4. 

In keeping with information offered by Santiment, FTM’s whole open curiosity (OI) elevated by 183% over the previous 30 days. Fantom’s whole OI recorded a $48 million rally up to now 24 hours alone — rising from $107.5 million to $155.6 million.

Furthermore, merchants are nonetheless betting on an extra value hike for FTM because the market weathers extraordinarily grasping situations. Per Santiment, FTM’s Binance funding fee is at present hovering round 0.05%, exhibiting that long-position holders are barely dominating short-position merchants. 

Alternatively, Fantom’s Relative Power Index (RSI) has been constantly rising since Feb. 29. In keeping with the market intelligence platform, the FTM RSI is sitting on the 85 mark on the reporting time.

The heightened RSI exhibits that Fantom is strolling within the excessive volatility zone and a value cooldown could be anticipated. The RSI indicator additionally will increase resulting from excessive whale exercise.

Notably, over 63% of FTM’s circulating provide is at present locked in 4 whale addresses. As well as, the variety of whales holding between 1 million and 10 million FTM tokens elevated by 0.8% over the previous 24 hours. In keeping with Santiment information, these whales are at present holding 10.24% of FTM’s circulating provide.

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