FTM Technical Analysis: FTM Sellers At $1.85 Struggle To Avoid Breakout
Table of contents
The FTM buyers stepped in at $1.30, resulting in a lower price rejection of 13% and a bullish continuation with an engulfing candle of 15%. However, the sudden rise of uptrend struggles to rise above the resistance confluence of $1.85 and the 200-day EMA. Will the increased trend momentum overcome sellers to reach the $2 mark?
Key technical points:
Past Performance of FTM
On 20th February, the FTM coin price fell 7.58% as it broke below the 200-day EMA and $1.85. The downtrend continued to reach the $1.30 mark, but the sudden jump in underlying bullishness resulted in a long tail formation. Moreover, the bullish rally continues to jump 15% in a day, creating a bullish engulfing candlestick.
Source-Tradingview
FTM Technical Analysis
The FTM coin price struggles to rise above $1.85 and shows higher price rejection, with the daily candle showing a 1.62% fall with 17 hours left on the clock. However, a bullish continuation is possible as the hours go by due to the increased buying pressure.
The FTM price retraces higher to test the 200-day EMA but struggles to rise above it as the sellers resurface. On the other hand, the 50 and 100-day EMA give a bearish crossover indicating a surge in bearish attention.
The Stochastic RSI indicator shows the K and D lines enter the neutral territory after attaining the bullish alignment in the oversold territory. Thus, the lines indicate the start of a bull cycle.
The RSI Indicator slope spikes higher after hovering above the oversold zone and crosses above the 14-day SMA. However, the rejection shows the slope retracing and struggling to reach the halfway mark.
In a nutshell, the FTM technical analysis shows a sudden surge in bullish powers but struggles to outperform formidable sellers at $1.85.
Upcoming Trend
The upcoming trend anticipates an upside continuation after the bullish engulfing candlestick. However, the selling pressure at $1.85 is hard to surpass. Hence, traders need to wait till the prices reach the 200-day EMA before taking a bullish entry.
Support Levels: $1.30 and $1.25
Resistance Levels: $1.85 and $2