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

FTM coin price continues to fall after the bearish wedge breakout and approaches the $1 mark. Will the bears demolish another psychological support? Key technical points: FTM price approaches the $1 mark. The RSI approaches the oversold zone. The 24-hour trading volume of Fantom is $886 Million, marking a 26% rise. 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, F...