FTM Technical Analysis: Multiple Trendlines Trap FTM Buyers

Key technical points:

Past Performance of FTM

FTM prices continue to fall under the influence of a highly bearish resistance trendline creating a second bearish wave within a falling channel. The bearish moves deflated the market value by 55% last month, resulting in the $1 fallout. The secondary bearish pattern reflects a remarkable rise in the underlying bearishness. Moreover, the trading volume increased last week, reflecting the entry of sellers and buyers exiting at high speed. 

Source-Tradingview

FTM Technical Analysis 

After the bearish candle formation, FTM prices show lower price rejection at the $0.70 mark, reflecting a bullish barrier refusing downtrend continuation. However, bullish traders, in the hope of a reversal, must wait till the trendline breakout. 

Following the recent death cross, the 50 and 200-day EMA maintain a falling trend with an increasing bearish spread reflecting a tight grip of sellers' control over the movement.

The MACD and the signal line fail to give a bullish crossover as the lines fail to merge due to the sudden bearish takeover. Hence, the lines maintain a downtrend to dive deeper into the negative territory with a minimum bearish spread.

The daily RSI slope shows a sharp reversal approaching the oversold boundary after failing to sustain above the 14-day average score. 

In a nutshell, FTM technical analysis shows a bullish fightback trying to halt the downtrend.

Upcoming Trend 

The FTM prices are facing a bullish opposition to the ongoing high momentum bearish trend at the $0.70 support level. However, a fallout below the support level will drive the downtrend to the next support at $0.66. The bullish breakthrough above the resistance trendline will reach the $1 psychological mark on the opposite end.

Support Levels: $0.70 and $0.66

Resistance Levels: $0.85 and $1