2024-10-10 21:30 |
Fantom’s price (FTM) is seriously threatened by bulls’ inability to break above the critical resistance level of $0.7250. Attempts to exit this zone have not proven successful, according to Crypto_Jobs, which suggests that a bull trap could be imminent.
However, given that price volatility is expected for FTM, traders are recommended to approach cautiously.
Fantom (FTM) Price Resistance at $0.7250 Proves Difficult to BreakThe FTM chart analysis shows that $0.7250 is a critical resistance level that bulls have failed to surpass. FTM’s price may rise above $0.8000 with an ultimate objective of $0.8500, according to Crypto_Jobs, if it can close a daily candle above this level.
Image Source: X/Crypto_JobsTraders are advised not to initiate long positions too soon, though, since the market is still erratic until a clear closure.
The FTM price is trying to gain traction as it floats between $0.65 and $0.72 over the past day. A breakout above the Ichimoku Cloud, which shows a neutral zone, may portend a bullish continuation.
However, without a clean break above $0.7250, this resistance could continue to prevent upward movement.
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Show more +Show less – FTM Price Shows Bearish Possibility and Key Support LevelsShould FTM fail to break through $0.7250, there is a strong possibility of a retracement. The $0.6500 and $0.6200 levels emerge as critical support zones, with the Ichimoku Cloud confirming these areas as strong points of defense.
Moreover, the trendline support from July’s low also aligns with this zone, providing additional strength to prevent further declines.
Image Source: X/CryptoJobsIn the event of a price drop, the analyst warns that a bull trap could occur, which would push prices back toward these lower support zones, leaving late buyers at a loss. Traders should monitor these support levels closely for signs of weakening or strength.
Read Also: Multiple JasmyCoin Metrics Signal Potential for a 1,305% Move: Expert Eyes This Next JASMY Price Target
Bull Trap Concerns Grow Among TradersCrypto_Job raised concerns over a potential bull trap, where the FTM price briefly breaks through the resistance only to reverse quickly, catching optimistic traders off guard. This concern is particularly relevant given the inability of bulls to push through the $0.7250 resistance.
For now, traders are advised to wait for confirmation in the form of a daily close above this level before considering long positions. The conversion line and baseline of the Ichimoku indicator are near convergence, adding to the market’s indecision.
Furthermore, Fantom’s price action shows signs of both bullish and bearish possibilities. A breakout above $0.7250 could lead to a rapid surge toward $0.8000 and beyond, but without a confirmed close, a retracement toward $0.6200 remains a strong possibility. The market is currently at a critical point, with patience being key for traders.
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The post Fantom Bulls Are Failing, Here’s Why FTM Price Might Be in a Bull Trap appeared first on CaptainAltcoin.
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