Price Analysis View Non-AMP

Whale Trap at $3? FTT’s 16% Price Rally Raises Concerns of Manipulation

Published by
Sohrab Khawas

The FTT token price is back in action with a massive overnight surge amid the crypto market recovery. With rising speculations of the FTX token ready for a price jump to $3, something seems fishy underneath.

Amid the hopes of a bullish recovery, a trap set by whales is potentially lurking near $3. Should you be considering buying FTT before it reaches $3? Find out more about Coinpedia’s FTT price analysis.

FTT Token Price Above $2

With a massive bullish engulfing candle of 16%, the FTT price bounces back from the 50-day EMA. Reclaiming the $2 psychological mark, the bullish engulfing candle completes a double bottom reversal from the $1.76 support level. 

Furthermore, this comes as a retest of the golden crossover between the 50-day and 200-day AMM recently occurred due to the increased bullish influence. 

As the bullish bounce back reflects a boost in trend momentum, the MACD and signal line are teasing a potential crossover event. Amid the declining bearish histograms, the MACD and signal line prepare for a bullish crossover. 

Analysts Highlights A Trap Ahead!

Despite the growing demand, CryptoScope in an X post highlights a potential trap ahead. After analyzing the heat map for FTT, a large number of sell orders are visible, extending up to the $3 mark. 

Currently, the token is trading at $2.11, and since the orders range up to more than 50%, this might lead to some underlying manipulation by whales. Further, the whales may need to push the price even higher to fill these orders.

Will FTX Token Price Cross $3.5?

Based on the price action analysis, the upcoming resistance level for the FTT token stands at $2.50, followed by $3.13. Meanwhile, the support levels are present at $1.76 and $1.48. Currently, the intraday candle shows a lower price rejection and teases a bullish dominance over the $2 psychological mark. 

Concerned about the FTT token’s future? Read our FTX Crypto Price Prediction

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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