- FTM faced aggressive selling in the overnight session.
- FTM is now at a critical support level of $0.3300.
Fantom coin is now at a decisive support mark which sellers want to break with their aggressive muscles. In the last session, intense selling pressure was seen in the coin, and FTM broke the double-top pattern trendline below the support of $0.3550. Below that, sellers gain momentum and continue to make short positions, making the price tank.
Fantom coin delivers weaker cues with sellers participation on the intraday charts. Buyers are losing their grip, and sellers take charge in the last session. The down move below the 20-day EMA indicates that the FTM coin was now at a crucial stage where investors must keep an eye on the level.
Moreover, there is a make-or-break moment for the price. However, the price broke the critical support mark of $0.3400, the consolidation range breakdown.
When writing, FTM coin trades at $0.3310 with an intraday drop of 5%, showing sellers dominance. Moreover, the trading volume increased by 15%, indicating a selling volume spike with short buildup activity.
Daily Chart Outlook of FTM
FTM shows bearish signs on the daily charts as the price drags towards the demand zone. If buyers cannot breathe near the support mark, the trajectory moves towards $0.2600.
Meanwhile, if buyers succeed in attempting a bounce from its strong support, then the immediate hurdle of $0.3500 acts as a strong resistance mark. Moreover, the sellers have an advantage; firm conviction arises from the double top pattern.
FTM price is breaking the lower Bollinger band and giving a breakdown below the horizons, and sellers are attaining the grip by adding volumes. Moreover, the Fib levels indicate that the price is breaking below the 23.6% mark, which means a negative outlook for FTM in the upcoming sessions.
Short Term Charts Shows Aggressive Selling in FTM
On the 4-hour chart, FTM continued to drag, and the technical indicators saw a massive bearish outlook. The RSI below the oversold region shows massive selling witnessed in FTM, and there is a bounce pending now, giving buyers strength.
The MACD indicator is also similar to the other leading indicator suggesting a downtrend with volume action. The volatile action of FTM still has more downside as per the technicals.
Fathom Price shows bearish signs and a short buildup in the last trading sessions. Moreover, sellers now have an extra advantage with the bearish signals based on a double-top pattern.
Support Levels: $0.3000
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.