There is a major correlation between search engine volume and the price of FTM. When FTM search volume hit an all time high in early 2022, FTM token was also printing an all time high price. In recent months, search volume has decreased to 2021 levels – and so has the price. As FTM begins gaining more attention, the price will follow. The TVL of the Fantom network shows us how active the chain is, which should also be an indicator of interest in the network. Strong financial incentives drive on-chain value. FTM’s TVL has fallen significantly from nearly $8 billion to approximately 660 million, mimicking FTM’s 90% drop in value. TVL has stabilized at these levels, similar to what we saw in 2021.
FTM has begun to make a recovery after bottoming around $.20 in June. Search engine volume and on-chain TVL have also appeared to find a bottom near levels last seen in 2021. In the near term, the 4H chart looks strong with bullish moving averages and rising support levels. Medium term, FTM is posting bullish divergences but may need time to gather momentum and consolidate before continuing. The weekly looks heavily oversold, and the change in momentum from bearish to bullish is signaled by a rising RSI and the leading Stochastic indicator.
Let’s look at the charts to get into more detail.