Fantom (FTM) Flashing Bullish Signal Amid Epic Rally Close to All-Time High: Crypto Insights Firm Santiment
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Ethereum competitor Fantom (FTM) is still showing bullish on-chain signals even as it rallies close to new all-time highs, according to crypto intelligence firm Santiment.
Santiment says that it is keeping a close watch on Fantom’s funding rate on crypto exchange Binance, which could signal that the highly scalable blockchain for enterprises is ready to take off.
“Fantom is edging close to its $3.47 all-time high, made back in late October. A signal to watch closely is FTM’s funding rate on exchanges like Binance. When going negative, indicating many shorts, prices have tended to rocket upward.”
As for Bitcoin (BTC), Santiment looks at a social trend that historically signals a reversal for the top crypto asset by market cap.
According to the crypto insights firm, when Bitcoin bottomed out in July and ultimately reversed to double in price, mentions of the words “inflation” and “fed” were rampant on social media platforms.
“Spikes in interest for both #inflation & #fed have been notable. Similarly, these words spiked around BTC’s last major bottom in July 2021. The concept of hedging traditional markets with crypto seems to be more embraced by the week.”
Similarly, Santiment observes that when mentions of “buy the dip” spread throughout social media, price usually continues falling. Conversely, when “buy the dip” mentions disappear, price tends to actually rise.
According to the firm, “buy the dip” excitement is going down, and dips are being bought less and less, which could be a bullish catalyst for Bitcoin now that the crowd is giving up.
“When it comes to #buyingthedip, it’s important to note just how enthusiastic the trading crowd is in doing so. Typically, when traders uniformly believe the price is about to bounce, this is NOT the time that prices actually bounce.”
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Featured Image: Shutterstock/klyaksun/Natalia Siiatovskaia
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