Fantom is approaching the critical $0.88 level with a $961K liquidation pool and declining exchange outflows, signaling key market moves...
price is at a crucial point right now, with the altcoin consolidating within a demand zone on the charts. In fact, the $961K liquidation pool tied to the $0.88 price level makes this area one to watch closely. At the time of writing, the altcoin seemed to be trading above the support of an ascending triangle – A pattern often linked to potential upward movement.
The significance of this price level cannot be ignored.A close above $0.88 could boost buyer confidence and probably ignite a rally.The ascending triangle support and the liquidation pool at $0.88 create an interesting interplay, setting up this price level critical for Fantom’s next move. A successful hold above this level would arguably validate Fantom’s triangle pattern and set up the stage for a bullish breakout. This could recover investor confidence and reverse the downtrend in exchange outflows.
However, if the $0.88 support fails to stand the bear’s pressure, the subsequent liquidation pressure could push the price down further.This could consequently disrupt the altcoin’s technical structure. In this case, broader market sentiment and external factors will likely play a role in determining whether Fantom can sustain its position or not.With FTM’s price consolidating near its key level, there is much at stake in both short-term trading and long-term investment.Kelvin Murithi is a freelancer cryptocurrency price analyst working with AMBCrypto. He has significant experience in financial markets and digital assets.
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