FTM Technical Analysis: Buyers at $2 Plan Bullish Reversal

The FTM coin price is under extreme selling pressure, evident by the free fall in the last week. However, the buyers at $2 plan to reverse the downfall. Fantom is a directed acyclic graph (DAG) smart contract software platform. It provides decentralized finance (Defi) services to developers through its own custom consensus algorithm. The team behind Fantom has vast experience, primarily in the area of full-stack blockchain technology. Furthermore, they set out to develop a smart contract platform that is a leader in scalability, decentralization, and security. The Fantom Foundation oversees the Fantom product offerings initially established in 2018 with the debut of OPERA Fantom’s main website scheduled for launch in December 2019. Let us move ahead to read about Fantom technical analysis. Past Performance of FTM FTM coin price faces rejection above the horizontal level at $3 resulting in a free fall of 40% in the last week. The coin price breaks the $2.5 support level as it halts near the $2 support zone. The freshly forming daily candle of Fantom shows a retracement of 10% at press time. Therefore, traders can expect a downfall below the support zone at $2 if the selling pressure increases. FTM/USD Daily Chart FTM Technical Analysis The FTM coin price shows higher price rejection near the $2.40 mark, resulting in the long wick formation. Moreover, the increased fear in the crypto market might soon overpower the buyers at the...