What Fantom’s (FTM) Recent Correction Means for Long-Term Investors – Relief Ahead?

Fantom has lately seen a resurgence on its charts as its social indexes recorded a massive jump. The growth has been visible, according to the latest tweet by LunarCrush. In that context, Fantom had a 74/100 Galaxy Score during this publication.

That indicated a bullish stance for the asset’s market activity against FTM’s historical performance. Meanwhile, Fantom has amazed the crypto community with its metrics and social elevation.

Fantom’s Latest Story

Fantom published a weekly update lately, indicating the crucial network stats from the previous seven days. The platform noted an attractive 257K weekly users, with a 36.8K daily average. Also, it registered a minor 5.43 million transfers through the week. The report added that last week’s crypto market bearishness triggered a decline in Fantom’s on-chain data.

Though the underlying broad market bearishness, several Fantom-based tokens witnessed a growth within the previous week. The report shows that Solidex (SEX) recorded the most gains on Fantom, following a 42.5% hike. Magik Finance (MAGIK) followed with a 29.4% upsurge.

Remember This

While the previous week noted some attractive statistics, Fantom noted increasing red flashes. Santiment data shows the token’s MVRV Ratio extended dips into the red territory. That confirmed losses for Fantom holders.

Nevertheless, this trend has dominated since mid-August sessions, showing resilience regardless of the latest hike. FTM’s MVRV Ration stood at -5.76% during this publication. The alternative token recorded a dip in whale transactions even as Fantom gained social momentum lately. Fantom’s Whale Transaction metric confirms the narrative.

The previous week saw Fantom recording 17 large-wallet transfers worth over $100,000. Coinmarketcap data shows FTM changed hands at $0.272 during this publication. That signals the token’s inhibited growth. Fantom seemed to struggle even when other assets rallied.

While most digital tokens maintained bullishness over the past seven days, FTM gained only 1% within a week. Though recovery chances remain low, market players might HODL until a sustained growth phase showcases. The crypto market has defied odds throughout its history to present bullish cycles. Time will confirm the case.

Stay tuned for the latest cryptocurrency news.

Editorial credit: Ira Lichi / shutterstock.com

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