FTM Technical Analysis: Multiple Trendlines Trap FTM Buyers

FTM prices fall under the influence of a highly bearish trendline within a falling channel, reflecting a challenging bear market. Key technical points: FTM market price hinges at the $0.70 support level. The downtrend continues under the influence of a resistance trendline. The 24-hour trading volume of Fantom is $535 Million, reflecting a fall of 17%. Past Performance of FTM FTM prices continue to fall under the influence of a highly bearish resistance trendline creating a second bearish wave within a falling channel. The bearish moves deflated the market value by 55% last month, resulting in the $1 fallout. The secondary bearish pattern reflects a remarkable rise in the underlying bearishness. Moreover, the trading volume increased last week, reflecting the entry of sellers and buyers exiting at high speed. Source-Tradingview FTM Technical Analysis After the bearish candle formation, FTM prices show lower price rejection at the $0.70 mark, reflecting a bullish barrier refusing downtrend continuation. However, bullish traders, in the hope of a reversal, must wait till the trendline breakout. Following the recent death cross, the 50 and 200-day EMA maintain a falling trend with an increasing bearish spread reflecting a tight grip of sellers’ control over the movement. The MACD and the signal line fail to give a bullish crossover as the lines fail to merge due to the sudden bearish takeover. Hence, the lines maintain a downtren...