$FTM market just witnessed a sharp downturn, resulting in $1.37M worth of long positions being liquidated as the price dropped to $1.25426.

Bulls are on the backfoot, and traders are reevaluating their positions amidst rising uncertainty.

What Led to This Liquidation?

1. Resistance Overwhelmed: FTM struggled to maintain upward momentum and fell below critical support levels.

2. Massive Sell-Off: Increased selling activity triggered a liquidation cascade, exacerbating the price drop.

3. Profit-Taking: Traders who had bought during recent gains might have cashed out, contributing to the sudden pullback.

What’s Next for FTM?

The $1.25 level is now in focus. A hold above this might suggest stabilization, while a break could open the door to further downside. With the market showing heightened volatility, caution is essential for traders.

Is this just a temporary correction, or could FTM be in for more turbulence? Share your thoughts below!

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