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Will Fantom’s $961K Liquidation Pool Trigger a Trend Reversal for FTM’s Price?
Fantom’s (FTM) current situation is one of great importance, as it teeters at the threshold of its crucial $0.88 price level. This critical juncture has sparked much debate about whether this development could spark a trend reversal or further exacerbate the bearish momentum.
The liquidation pool tied to the $0.88 price level stands as a stark reminder that FTM’s future trajectory is now more uncertain than ever. Any failure to hold above this level would not only confirm the descending triangle pattern, but also amplify the selling pressure and potentially lead to further declines on the charts.
On the flip side, if Fantom can successfully maintain its stance above $0.88, it could trigger a trend reversal by reinvigorating investor confidence and subsequently reversing the downtrend in exchange outflows. This is especially crucial given that recent altcoin exchange outflows have taken a sharp decline, indicating increased hesitation among traders regarding FTM’s short-term prospects.
This precarious situation has led to the confluence of two powerful forces – the ascending triangle support and the liquidation pool at $0.88. Any movement above this critical price would not only validate Fantom’s technical structure but also potentially rekindle investor sentiment, ultimately culminating in a bullish breakout. Conversely, any failure to hold could lead to further market destabilization.
As it stands, FTM’s near-term direction remains uncertain. Whether or not the $0.88 support holds will dictate the trajectory of the asset going forward.
Source: ambcrypto.com
