Source: FTM/USDT on TradingView
Short traders chose to lock profits at this zone, prompting another price drop at the time of writing. Therefore, FTM could retest the immediate $0.4182 support. Sellers could sell at just below $0.4583 and buy back at $0.4182 to lock gains.However, bulls may want to wait for buying opportunities at $0.4182 or $0.3961. It will allow them to target the short-term sell pressure area.
Notably, the Relative Strength Index rose but faced rejection as OBV dipped. The inference from the above trend is that buying pressure was limited, giving bears more influence in the market.As per Santiment, FTM saw a slight improvement in investors’ outlook as evidenced by a flip of the weighted sentiment to positive from negative. It denotes a mild bullish sentiment which could boost bulls’ move into the market.
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