FTM Technical Analysis: Bearish Crossover Intensifies Downfall

The FTM coin price succumbs under the rising bearishness over the crypto market as it breaks below the $1.80 support level. Will this downfall reach $1.25? The FTM coin price fails to sustain above the 50-day EMA, resulting in the $1.80 support level breakout. The recent rejection from the $2 mark results in more than 25% correction in the last week. Will the lack of a solid support level before $1.20 increase bearish trend momentum? Key technical points: FTM coin price falls below the $1.80 mark. The 50 and 100-day EMA may shortly give a bearish crossover. The 24-hour trading volume in the Fantom token is $1.18 Billion, indicating an 80% rise. Past Performance of FTM FTM coin price action shows a descending triangle pattern breakout as the 50-day EMA provides dynamic resistance. The downtrend continues after the 10% bearish engulfing candlestick, which broke below the 200-day EMA. However, weak support near the $1.4 mark can help halt the free fall. Nonetheless, at press time, the market value of a single Fantom token is $1.52, with a boom in selling pressure evident by the increased trading volume. Source-Tradingview FTM Technical Analysis After a short consolidation near $1.80 and the 200-day EMA, the FTM coin price shows multiple bearish candlesticks. Moreover, the downfall breaks the hopes of a double bottom formation near the 200-day EMA. The crucial 50 and 100-day EMAs are closing in on each other and may shortly give a...