FTM Technical Analysis: Trendline Fallout Haunts A Fall To $1 Mark

Key technical points:

Past Performance of FTM

FTM coin price forms a descending channel pattern in the daily chart starting from the rejection at 50-day EMA on 26th January. However, the recent fall of 40% in the last ten days resulted in the fallout of the support trendline and the $1.20 support level. 

Source-Tradingview

FTM Technical Analysis 

FTM coin price action reflects the bears reaching a milestone with the $1.20 fallout indicating a potential fall to the $1 mark. However, if the prices rise back into the channel, the fallout can be considered a fakeout.

The falling 50-day EMA may shortly fall below the 200-day EMA and give a death cross, eventually increasing the bearish attention. Finally, however, a reversal could reach the 200-day EMA.

RSI Indicator: The RSI slope maintains a downtrend and may shortly break below the oversold boundary. Moreover, the 14-day SMA influences bearishness on the hill as it breaks below the 50% mark.

Stochastic RSI Indicator: The K and D lines enter the oversold zone with a bearish alignment showcasing an extended downtrend. However, the possibility of a bullish crossover in the oversold zone increases.

In a nutshell, FTM technical analysis gives a bearish vibe, but the jury is still out on this bearish milestone being a fakeout.

Upcoming Trend 

FTM coin price might approach the $1 horizontal level if the trend continues below the broken barrier at  $1.20. However, if buyers regain the trend control, the reversal could hit the 200-day EMA above $1.60.

Support Levels: $1 and $0.80

Resistance Levels: $1.4 and $1.6