FTM Technical Analysis: Will Fantom Sellers Knock Down $1?

Key technical points:

Past Performance of FTM

As we forecasted in our previous article, the FTM coin price shows the wedge pattern breakout rally reaching the $1 mark. Furthermore, the downfall intensified to touch the 25% mark last week, resulting in multiple bearish candles with higher price rejection. Hence, the rally might shortly hit the $0.93 support level. 

Source-Tradingview

FTM Technical Analysis 

FTM coin price breaks below the descending support trendline, which demands a retest. Hence, a potential reversal from the $0.93 support could retest the bearish fallout. 

The 50-day EMA that has acted as a dynamic barrier multiple times gives a bearish crossover with the 200-day EMA, otherwise known as the death cross. With the downtrend gaining momentum, a bearish crossover of 100 and 200-day EMA is also in order.

RSI Indicator: The falling RSI slope kisses the oversold boundary and might enter it shortly with the $1 fallout. Moreover, the 14-day SMA maintains the trend below the 50% mark.

MACD Indicator: The MACD and signal lines maintain the downtrend below the halfway mark with a sideways trend of bearish histograms. 

In a nutshell, FTM technical analysis projects a full-fledged downtrend with the imminent danger of a $1 fallout.

Upcoming Trend 

The significant bearishness in the upcoming trend of the FTM coin price is most likely to reach the $0.93 mark. This will break the psychological barrier at $1, resulting in a surge of selling pressure. 

However, a potential reversal awaits at the $0.93 mark, resulting in an uptrend to the broken support trendline.

Resistance Levels: $1.10 and $1.25

Support Levels: $1 and $0.93