- FTM Token price grows more than 35% in the week prior.
- The price action indicates a rising channel pattern in the daily chart.
- The pair of FTM/BTC is trading at 0.00003713 BTC with an intraday fall of -8.96%.
FTM coin price action indicates a long ascending parallel channel due to the recent bull run in the daily chart. Furthermore, the coin price is facing rejection from the resistance trendline of the rising channel.
As per the pivot points, the resistance levels for the token are residing at $2.6 and $3.2 marks. Therefore, in the case of a bearish reversal of the coin price, sellers may find opposition at $1.95 or $1.65.
The FTM Token price trades at $2.08, decreasing 10.53% in market capitalization over the past 24 hours. However, the intraday trading volume has increased by 15% in the past day, indicating a rise in the number of sellers.
FTM Token In The 4-hour Chart
FTM token price action indicates a double top price pattern breakout in the 4-hour chart. Moreover, the price fall is coupled with an increased trading volume. Thus, a short-term downtrend is plausible till the support trendline.
The EMAs of the 4-hour technical Chart rise higher in a bullish structure with a positive slope. Thus, it could support the prices against a bearish attack. Additionally, the price is testing a 50-period EMA.
The RSI indicator forecasts a surge for underlying bearishness as the slope generates divergence within the double top price pattern.
The ADX indicator shows a rising, indicating trend in momentum.
MACD indicators in the daily chart indicate that the MACD and signal lines are moving lower over to the neutral area. Thus, it indicates bearish momentum in the token price.
Conclusion – The short-term trend of the FTM Coin is bearish from a technical standpoint. However, the current chart of the coin price shows a negative outlook. Moreover, it may soon break the $1.95 mark. So, crypto traders can expect bearish opportunities while they wait until a genuine breakout is confirmed.