The FTM coin price spikes higher from the 200-day EMA, projecting a lower price rejection. Will this reversal bring a bullish reversal?

The recent downfall to the $1.29 mark creates a lower price rejection-based long-tail candle. This imprints a bullish image, but the candle closed with a fall of 5.18%. Hence, despite the 13% long tail, the rejection struggles to paint the entire picture bullish. However, will the upcoming trend continue to approach the $1.24 mark, or is a bullish reversal more likely?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">FTM coin price remains below the $1.5 mark.</li>
 	<li style="font-weight: 400">The price chart shows the 50 and 100-day giving a bearish crossover. </li>
 	<li style="font-weight: 400">The 24-hour trading volume in the Fantom token is $1.52 Billion, indicating a 33% rise. </li>
</ul>
<h2>Past Performance of FTM</h2>
The FTM token price shows a growth of 8.63% in the last 24 hours because of the lower price rejection. Hence, the development lacks the formation of a daily bullish candle. Moreover, despite the lower price rejection, the bearish candle gives a closing below $1.5, the previous 7-day low indicating a downfall continuation.

Speaking of the downtrend, the breakout of $1.5 marks a downfall of 25% from the support zone at $2. 

<img src="https://s3.tradingview.com/snapshots/w/WmgDwgOA.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/WmgDwgOA/">Tradingview</a>
<h2>FTM Technical Analysis </h2>
The FTM coin price shows the possibility of a bearish continuation to the next bullish bunker. Moreover, the increased selling pressure evident by the growth in trading volume, which accompanies the downfall, adds to the bearish theory. 

The crucial 50, and 100-day EMAs continue to fall after the merger marking a bearish crossover in the FTM/USD chart. Moreover, the trading prices remain below the 200-day EMA projecting a downtrend. 

The RSI Indicator slope hovers slightly above the oversold boundary after the recent failure to end the downtrend. Starting from the rejection at the halfway mark, the falling RSI slope may shortly crack into the oversold zone, reflecting a boom in selling pressure. 

The DMI indicator shows a parabolic growth in the ADX indicator, projecting the increased trend momentum. The trend remains bearish evident by the opposing alignment of the DI lines in the daily chart. 

As per the GIOM indicator, 62.31% of the total addresses holding the Fantom token are Out of the Money, indicating that their buying/holding price is more than the market price. Hence, these addresses are at a loss. 

However, the 'at the money' cluster reflects support at $1.44, and the following support cluster between $1.37-$1.23 marks a mean price of $1.27. The relatively more robust support cluster projects the possibility of a reversal shortly. 

In a nutshell, the FTM technical analysis projects a downfall continuation with the possibility of a reversal from the upcoming support levels. 
<h2>Upcoming Trend</h2>
The FTM coin price shows lower price rejection that increases the chances of a bullish reversal. However, the upcoming trend projects the possibility of a downtrend to the following support levels as the selling pressure increases. Hence, traders can expect a reversal from the support levels.  

Support Levels: $1.44 and $1.27

Resistance Levels: $1.55 and $1.82

FTM Technical Analysis: Downtrend Continues As 60% Holders Are In Loss

The FTM coin price spikes higher from the 200-day EMA projecting a lower price rejection. Will this reversal bring a bullish reversal?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

FTM Technical Analysis: Downtrend Continues As 60% Holders Are In Loss

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