FTM Technical Analysis: FTM Sellers Threaten $1 Fallout
Key technical points:
Past Performance of FTM
The FTM price gradually lowered in a falling parallel channel for the past three months. The current bear cycle initiated on April 4th, when the coin price turned down from the $1.64 resistance. The V-top reversal plunged the altcoin to $1 support, registering a 40% decline.
Source-Tradingview
FTM Technical Analysis
The bear cycle should breach the $1 physiological support level when responding to the falling wedge pattern. Historically the $1 mark has been a critical level, and a quick breakdown below it would trigger the expected 37.4% fall.
The 20-day EMA provides a dynamic resistance to the FTM price. Moreover, a bearish sequence among the downsloping EMAs(20, 50, 100, and 200) puts sellers at a more significant advantage.
MACD Indicator: The fast and slow lines escape a bullish crossover and increase the bearish spread between them. Moreover, the rising red bars on the histogram give additional confirmation for sellers.
RSI Indicator: The RSI slope falling deeper into the bearish terrorist suggest the rising bearish momentum. However, the $1 support fallout would push the indicator value to the oversold region.
In a nutshell, the FTM technical analysis shows a potential fallout from the $1 psychological mark as selling momentum increases.
Upcoming Trend
The daily candle below the $1 support would accelerate the selling pressure and dump the FTM price to the $0.64 mark.
On the contrary, note, that if buyers defend the $1 support and prevent the coin price from extending the previous lower low mark, the buyers may attempt to break out from the pattern’s resistance trendline.
Resistance Levels: $1.25 and $1.28
Support Levels: $1 and $0.61