Fantom outperformed Bitcoin in the December 14 trading session, here’s how

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FTM ranked first altcoin on LunarCrush’s AltRank. The bullish momentum is slowing, showing that the buyers might be exhausted.

Phantom [FTM] landed the top spot in the ranking of altcoins that outperformed Bitcoin [BTC] on Dec. 14, LunarCrush data showed.

The cryptocurrency social analytics platform has an AltRank feature through which it tracks the social and market activity of 4,047 coins and how they outperform major BTC coins.

Read Ghosts [FTM] Price Prediction2023-24

To record its position as the altcoin that outperformed BTC the most in terms of social activity, out of all 4,047 tracked altcoins, FTM’s social volume was ranked 67 and recorded a social score of 27.

With top activity in the Social+ Marketplace, #Fantom reached AltRank in the top 4,047 coins.

LunarCrush AltRank looks for coins that outperform #Bitcoin. Upgrade your account to access our exclusive AltRank insights.

More on $ftm: https://t.co/G3VYwsWOfa pic.twitter.com/HUvb3FNxHp

— LunarCrush (@LunarCrush) December 14, 2022

FTM for the win

According to data from CoinMarketCap, FTM traded hands at $0.2384 at press time. While the rest of the market suffered a decline after the unexpected demise of FTX, FTM decoupled from the rest of the market to post gains.

In the past month, its value has increased by 28%. During this period, the market capitalization of alts also increased from $480 million to $660 million.

Additionally, an assessment of FTM’s open interest since the FTX debacle revealed a rally since November 10th. According to data from Coinglass, this stood at $52.04 million at press time, having risen 79% since November 10.

This showed that strong bullish conviction was driving the price rally, which was unaffected by the FTX crash.

Source: Coinglass

Here’s a caveat

While the price of FTM may have risen over the past month, an assessment of its performance on a daily chart revealed that the alt has been trading in a tight range since the beginning of the month.

As a result, while key indicators remained bullish, they had weakened over the past two weeks. Moreover, the price has shown a trend towards lower highs, which makes the recent decrease in momentum understandable.

The Relative Strength Index (RSI) was at 54.91 at press time. Below its neutral 50 region, the declining bullish momentum caused FTM’s Money Flow Index (MFI) to be spotted at 40.25, still in a downtrend.

Moreover, its Chaikin Money Flow (CMF) and On-balance Volume (OBV) have remained stable since the beginning of the month. While these indicators remained bullish, their flattening since December showed that buyers may be exhausting and a takeover of the market by sellers is imminent.

Source: Trading View

A look at FTMs Age Consumed metric confirmed this. This metric tracks the activity of previously inactive coins on the blockchain.

An increase in age consumed indicates that a large number of previously inactive tokens are now being moved between addresses, potentially indicating a sudden change in long-term holder behavior.

According to data from Santiment, FTM saw a spike in its consumed age, and a decline in price followed. This indicated that a local bottom had been reached and a negative price reversal was brewing.

Source: Santiment

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