FTM bears gain leverage after a rejection of $0.3462, is it right time to sell

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion FTM could continue with its downtrend momentum. FTM recorded a decline in open interests in the futures market. Fantom [FTM] offered over 80% gains after rallying from $0.1940 to a high of $0.3577. However, […]

FTM’s 12-hour chart showed the Relative Strength Index had sharply dropped but was still in the overbought zone. This indicated a sharp decline in buying pressure as holders sold off their holdings to lock in gains.

Given that the overbought condition makes an asset ripe for trend reversal, FTM’s current downtrend could continue. This could see bears push it to retest the $0.3128 support. But a break below the support could be feasible if the BTC uptrend also reverses in the next few days.

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