FTM Technical Analysis: FTM Sellers Threaten $1 Fallout

FTM coin price experiences a tremendous rise in selling pressure warning of the $1 breakdown. Can sellers sustain the bearish momentum to the $0.68 mark? Key technical points: The Falling challenge pattern governs the FTM price action. The potential $1 breakdown could tumble the FTM price by 37.4% The 24-hour trading volume of the Fantom is $3.21 Million, marking a 96% rise. Past Performance of FTM The FTM price gradually lowered in a falling parallel channel for the past three months. The current bear cycle initiated on April 4th, when the coin price turned down from the $1.64 resistance. The V-top reversal plunged the altcoin to $1 support, registering a 40% decline. Source-Tradingview FTM Technical Analysis The bear cycle should breach the $1 physiological support level when responding to the falling wedge pattern. Historically the $1 mark has been a critical level, and a quick breakdown below it would trigger the expected 37.4% fall. The 20-day EMA provides a dynamic resistance to the FTM price. Moreover, a bearish sequence among the downsloping EMAs(20, 50, 100, and 200) puts sellers at a more significant advantage. MACD Indicator: The fast and slow lines escape a bullish crossover and increase the bearish spread between them. Moreover, the rising red bars on the histogram give additional confirmation for sellers. RSI Indicator: The RSI slope falling deeper into the bearish terrorist suggest the rising bearish momentum. H...