FTM Technical Analysis: Fantom Prices Prepares A Bearish Exit

Failing to surpass the $0.30 supply zone, FTM prices reverses with intentions to test $0.20. Will buyers cushion this downfall to restart a positive trend? Key technical points: The Fantom market price has decreased by 23% since last week. The price action shows a descending triangle pattern in the daily chart. The 24-hour trading volume of FTM is $154.2 Million, indicating a rise of 25%. Past Performance of FTM The FTM prices continue to fall under the influence of a bearish resistance trendline accounting for a downfall of 50%. The resistance trendline knocks out the recent bullish attempt to regain the trend control, but the trendline and the supply zone at $0.30 dump the market price lower. Hence, the price action inchoates a descending triangle pattern with a consolidation range between $0.20 and $0.30. Source- Tradingview FTM Technical Analysis The sudden surges in the volume indicator coincide with the failed bullish attempts to regain trend control. This lowers the possibility of FTM prices surpassing the resistance trendline. The frequent price drops from the 50-day SMA moving along with the resistance trendline remains a key obstacle in the bullish growth. Furthermore, the crucial SMAs(50, 100, and 200) maintain a bearish alignment displaying a long-term downtrend. The MACD and signal lines generate a bearish crossover setting a bearish trend in motion. Hence, with the start of a new negative trend in the MACD histog...