FTT: On chain and price analytics data for next action
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During intraday trading on September 28, several previously inactive FTT tokens experienced a spike in activity. According to data from Santiment, from 11 a.m. to 12 p.m. UTC on September 28, FTT experienced the highest amount of idle token movement ever. Age of consumed assets peaked at VND 200.08 billion on the same day.
In addition, its average US dollar investment age (MDIA) plummeted 64% between September 27 and 28. Typically, however, a persistent stretch in the MDIA of an asset can be a sign of network stagnation.
Additionally, the drop in MDIA shows that age-old tokens located in dormant addresses are starting to change hands, and such movement often leads to a bull run in the asset's price.
For context, data from Santiment reveals that the FTT MDIA has been trending higher since November 2021.
FTT On chain data analysis
Following the sudden movement of inactive FTT tokens on September 28, data from Santiment showed positive activity from several on-chain metrics.
For one thing, the number of daily active addresses on the FTT token exchange has increased by 24% to a peak of 248 addresses on September 29. However, this has slowed down at the time of publication, as daily active addresses on the network stand at 69 at the time of writing.
Furthermore, following the movement of previously dormant FTT tokens, new addresses have flocked to the network. As of September 29, the rate of new addresses on the FTT network has increased by 82%.
The supply of FTT on exchanges has been decreasing since September 25th. The drop in this index indicates a decrease in selling pressure on an asset.
After the inactive coin activity on September 28, the supply of FTT on exchanges dropped another 2% in the following 24 hours, indicating that the buying pressure of FTT is increasing.
FTT price analysis
Trading hits $24.33 at press time, significant decline in FTT's MDIA, drop in supply across exchanges and spike in network activity doesn't translate into significant price action for electronic money. Its price is up just 3% from September 28. In the past 24 hours, its price has increased by only 2%, data from CoinMarketCap reveals.
While the major on-chain indicators show FTT buying pressure growing in recent days, the daily chart movement suggests this growth has slowed. Furthermore, this can be inferred from the price action since September 28.
At press time, the FTT's Relative Strength Index (RSI) is 46.40. On September 28, he began his movement towards the neutral zone 50. However, FTT's buying momentum was not enough to make this value a reality.
In a downtrend, Chaikin Money Flow (CMF) stands at 0.02, indicating a slower recovery of buying pressure.
Oct 01, 2022