FTM Technical Analysis: Sellers Back In Force Prepare $0.30 Crackdown

FTM price shows a bullish failure to sustain the reversal rally resulting in a bearish pattern and warns of the $0.30 fallout. Key technical points: The FTM market value decreased by 5% today at press time. The price action forms a head and shoulder pattern. The 24-hour trading volume of Fantom is $175.76 Million, indicating a drop of 8.21%. Past Performance of FTM The falling trend in FTM prices started due to the rejection near the bearish crossover of the 100 and 200-day EMA accounts for depreciating the market value by 80%. The bearish trend takes attempts to take support at multiple levels but fails to halt the downtrend, resulting in a fall to $0.30, where a bullish hope arises. However, the reversal fails to surpass the $0.45 and forms a head and shoulder pattern ready to crack under $0.30. Source- Tradingview FTM Technical Analysis The higher price rejection in the FTM prices supports the bearish fallout of the head and shoulder pattern that may shortly break below the neckline. Traders can expect the breakout rally to undermine the buyers at $0.30 to test the $0.20 support level. The RSI slope displays a recovery rally with growing bullish influence as it outperforms the 14-day SMA and sustains in the nearly oversold zone. But, the RSI slope struggles to approach the 50% line, resulting in a bearish reversal. The MACD and signal lines show an upward trend ready to surpass the zero line and reflect a solid bullish tren...