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:
<ul>
 	<li style="font-weight: 400">The Falling challenge pattern governs the FTM price action.</li>
 	<li style="font-weight: 400">The potential $1 breakdown could tumble the FTM price by 37.4%</li>
 	<li style="font-weight: 400">The 24-hour trading volume of the Fantom is $3.21 Million, marking a 96% rise. </li>
</ul>
<h2>Past Performance of FTM</h2>
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.

<img src="https://s3.tradingview.com/snapshots/p/p7axW2gd.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/p7axW2gd/">Tradingview</a>
<h2>FTM Technical Analysis </h2>
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. However, the $1 support fallout would push the indicator value to the oversold region.

In a nutshell, the FTM technical analysis shows a potential fallout from the $1 psychological mark as selling momentum increases.
<h2>Upcoming Trend </h2>
The daily candle below the $1 support would accelerate the selling pressure and dump the FTM price to the $0.64 mark. 

On the contrary, note, that if buyers defend the $1 support and prevent the coin price from extending the previous lower low mark, the buyers may attempt to break out from the pattern’s resistance trendline.

Resistance Levels: $1.25 and $1.28

Support Levels: $1 and $0.61

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?

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: FTM Sellers Threaten $1 Fallout

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