Fantom Bulls Are Failing, Here’s Why FTM Price Might Be in a Bull Trap

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 Break

The 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_Jobs

Traders 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.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

FTM Price Shows Bearish Possibility and Key Support Levels

Should 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/CryptoJobs

In 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 Traders

Crypto_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.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more
Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Boluwatife Afe
Boluwatife Afe

Boluwatife is a dedicated content strategist specializing in the crypto industry and is passionate about blockchain technology and digital currencies. With a keen eye for emerging trends and a talent for making complex topics accessible, Boluwatife aims to educate and inspire the crypto community through engaging and insightful content.

CaptainAltcoin
Logo