Fantom Bulls Struggle to Break $0.7250 Resistance
Fantom’s price (FTM) is facing a significant challenge as bulls fail to push above the key resistance level of $0.7250. According to Crypto_Jobs, several attempts to exit this zone have been unsuccessful, suggesting that a bull trap might be on the horizon.
With price volatility expected for FTM, traders are advised to proceed with caution.
FTM Resistance at $0.7250 Proves Difficult
Chart analysis shows that the $0.7250 resistance level has become a major barrier for FTM, preventing upward momentum. If bulls can close a daily candle above this level, there is potential for the price to rise above $0.8000, with a target of $0.8500, according to Crypto_Jobs.
However, traders are advised against entering long positions prematurely, as the market remains volatile without a decisive break above this resistance.
FTM Price Attempts to Gain Momentum
Over the past day, FTM has been fluctuating between $0.65 and $0.72. A breakout above the Ichimoku Cloud, currently showing a neutral zone, could signal the beginning of a bullish trend continuation.
However, without a confirmed break above $0.7250, this resistance level will continue to limit upward movement.
Bearish Scenarios and Key Support Levels
If FTM fails to break through the $0.7250 resistance, a retracement becomes more likely. Key support levels to watch include:
- $0.6500
- $0.6200
The Ichimoku Cloud reinforces these zones as strong points of defense, alongside the trendline support from July’s low, which adds additional strength to prevent further price declines.
In case of a drop, a potential bull trap could drive prices back toward these lower support levels, leaving late buyers vulnerable to losses. Traders should monitor these support areas closely for signs of weakness or strength.
Growing Concerns Over a Bull Trap
Concerns about a possible bull trap are rising, as FTM may briefly break the resistance at $0.7250, only to reverse and catch traders off guard. This scenario is especially likely given the bulls’ repeated failures to push through the resistance level.
Traders are advised to wait for a daily close above $0.7250 before considering long positions. The convergence of the Ichimoku indicator’s conversion line and baseline highlights the market’s current indecision.
FTM at a Critical Point
Fantom’s price action reflects both bullish and bearish possibilities. A breakout above $0.7250 could lead to a swift rise toward $0.8000 and beyond, but without a confirmed close, a retracement to $0.6200 remains highly possible.
At this critical juncture, patience is key for traders, as the market’s next move will likely dictate FTM’s short-term trajectory.
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