How are you all? While conducting today's market analysis, my eyes suddenly fell on the chart of FTN or Fasttoken on CoinGecko. This chart is quite different from the smooth graphs we are used to seeing in a normal trading session. When I looked at the current status of this token, its price was $0.6865, which has increased by about 4% in the last 24 hours. At first glance, it may seem normal, but the depth of the chart made me think a little.
The first thing that attracted my attention was the strange spikes in its price chart. If you look at the graph, you will see that the price is stable around $0.68, but sometimes it suddenly jumps to $1.40 or above and returns to its previous position. In my experience as a trader, this usually happens when there is low liquidity on an exchange site or a large ‘whale’ tries to manipulate it. These long green candles look like if someone could have placed a sell order at the right time, they could have made double profits in an instant. However, it is also quite risky, because such a movement is enough to trap ordinary retail investors.
It is foolish to judge by looking at the chart alone, so I looked at the numbers behind it. Its market capitalization is currently around $297 million, which indicates a fairly strong position in the crypto market. However, when I looked at the volume, I saw that only $3.6 million was traded in the last 24 hours. This volume is slightly lower than the market capitalization, and that is exactly why we see such volatile jumps on the chart. I like its supply mechanism. Its maximum supply is fixed at 1 billion, of which less than half (433 million) are currently in circulation. Having a fixed supply is always positive for long-term investments, because it does not fear inflation.
I always check where the token is listed. Because a good exchange means good trust. I saw that the FTN token is being traded on all the popular exchanges like MEXC, Gate.io, and BingX. It is also available on their own ecosystem or Fastex exchange. Being on big exchanges suggests that the project has acceptance, but until it comes to top-tier exchanges (like Binance), it is difficult to understand its true potential.
Overall, FTN or Fasttoken seems quite interesting to me. The current price range of $0.68 seems to be acting as a strong support. For those who like to take a little risk, this can be a ‘watch list’ item. Especially for those who can catch those sudden spikes, this can be a gold mine. However, I personally would like to take it a little slower now, as it would not be wise to
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