FTM coin price breaks the recent bottom created near the psychological barrier of $1.50 and continues to test the $1.25 mark. Key technical points:
- FTM coin price retraces to the 200-day EMA close to $17.
- The Stochastic RSI hints at the end of the bear cycle.
- The 24-hour trading volume in the Fantom is $4.94 Million, indicating a negligible rise of 1.90%.
Past Performance of FTM
FTM price fails to overcome the selling at the merged 50 and 100-day EMA and the resistance trendline. The rejection gains momentum as it falls 35% last week and breaks below the 200-day EMA. Moreover, the 16% overnight fall creates a bearish engulfing candle that breaks below the previous bottom formed at the emotional barrier of $1.50.
Source-Tradingview
FTM Technical Analysis
FTM prices showcase a rise in selling pressure with the engulfing candle and the breakout of multiple support levels over the last week. Hence, the downtrend may shortly reach the $1.25 mark. With the entry of new sellers, the 50 and 100-day provide dynamic resistance to the bullish attempts. Moreover, the 200-day EMA fallout increases the overall bearish sentiment for Fantom. RSI Indicator: The RSI slope breaks below the 14-day SMA after it fails to sustain above the 50% mark. However, the bullish divergence is evident in the last two dips indicating a possible reversal at $1.25. Stochastic RSI Indicator: The K and D lines continue the freefall after failing to sustain in the overbought zone. Hence, the ongoing bear cycle may shortly result in a new bottom creation at $1.25. In a nutshell, FTM technical analysis warns the possibility of a death cross as the selling pressure increases.
Upcoming Trend
As sellers regain solid momentum, the FTM coin price will struggle to find a bullish reversal before reaching the $1.25 mark. Therefore, sellers can find an entry at current prices with a target of almost 10% downfall. However, a bullish reversal possibility from the $1.25 will provide a strong stand against the ongoing downtrend. Support Levels: $1.25 and $1 Resistance Levels: $1.55 and $1.78
