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

The post Whale Trap at $3? FTT’s 16% Price Rally Raises Concerns of Manipulation appeared first on Coinpedia Fintech News

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. 

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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