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? 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? Key technical points: FTM coin price remains below the $1.5 mark. The price chart shows the 50 and 100-day giving a bearish crossover. The 24-hour trading volume in the Fantom token is $1.52 Billion, indicating a 33% rise. Past Performance of FTM 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. Source-Tradingview FTM Technical Analysis 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...