FTM Technical Analysis: Psychological Barrier Brings 10% Reversal
Table of contents
Key technical points:
Past Performance of FTM
The lower price rejection from $1.20 promoted the underlying bullish trend momentum growth, resulting in an engulfing candlestick as a follow-through. The short but sharp recovery of 17% in FTM prices surpassed the 200-day EMA but failed to close above it. Leading to a higher price rejection, the rejection drove the prices down by 10% within a day.
Source-Tradingview
FTM Technical Analysis
The FTM coin price action forms an evening star pattern representing the reversal from 200-day EMA. Hence, the increased bearish momentum indicates a downfall to the $1.2 mark if the prices give closing below the $1.5 mark.
Downfall in the Fantom coin price brings the crucial EMAs- 50 and 100 giving a bearish crossover. Moreover, the psychological barrier of the 200-day EMA brings the bearish reversal and increases selling pressure.
The DMI indicator shows a massive gap between the DI lines with a negative formation indicating a definite bearish trend. Additionally, the rising ADX line suggests a boom in trend momentum. Hence, a downfall to the $1.20 is plausible.
The RSI Indicator slope shows a sideways trend after the bearish downfall indicating an active selling after the retest. The RSI slope reaches the 14-day SMA as it fails to sustain above it.
In a nutshell, the FTM technical analysis reflects a downfall continuation to the $1 mark if the sellers overtake the $1.2 threshold.
Upcoming Trend
The FTM coin price shows a continuation in the lower high formation after the fallout retest of $1.85. Hence, traders can find selling opportunities at the current prices with a primary target of $1.2 followed by $1.
Support Levels: $1.20 and $1.50
Resistance Levels: $1.85 and $2.00