FTM rallied by 10% as short sellers were forced to buy to cover their positions after the price hit a hot liquidation zone.
Large transaction volumes also spiked by 1,000% showing a surge in whale activity.has been on a steady uptrend in recent weeks with its 30-day gains surpassing 50%. At press time, FTM traded at $0.76 after a 9% surge in 24 hours.
FTM’s liquidation heatmap shows there was a hot liquidation zone between $0.76 and $0.78. As the price gained and hit these levels, forced buying by short sellers created upward momentum.A surge in whale activity has also fuelled FTM’s gains to a monthly high. Data from However, it is important to note that whales control 73% of the total FTM supply. Therefore, a spike in large transactions could trigger price volatility.FTM bulls gained strength after the 50-day Simple Moving Average crossed above the 150-day SMA earlier this week. This crossover coincided with a spike in buying volumes as the volume histogram bars show.
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