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:
<ul>
 	<li style="font-weight: 400">FTM price approaches the $1 mark.</li>
 	<li style="font-weight: 400">The RSI approaches the oversold zone. </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Fantom is $886 Million, marking a 26% rise. </li>
</ul>
<h2>Past Performance of FTM</h2>
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. 

<img src="https://s3.tradingview.com/snapshots/y/YGQJubiF.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/YGQJubiF/">Tradingview</a>
<h2>FTM Technical Analysis </h2>
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, FTM technical analysis projects a full-fledged downtrend with the imminent danger of a $1 fallout.
<h2>Upcoming Trend </h2>
The significant bearishness in the upcoming trend of the FTM coin price is most likely to reach the $0.93 mark. This will break the psychological barrier at $1, resulting in a surge of selling pressure. 

However, a potential reversal awaits at the $0.93 mark, resulting in an uptrend to the broken support trendline.

Resistance Levels: $1.10 and $1.25

Support Levels: $1 and $0.93

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?

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: Will Fantom Sellers Knock Down $1?

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