Will FTT drop to $0.8? What to expect as bearish signals rise – BitRss

• The distribution of FTT ($0.00) continues in the market as a death cross pattern surfaces.
• On the chart, a head and shoulders formation predicts a fall below $1 could be on the horizon.

In the past week, FTT has seen a major decline of 12.39% as the bearish wave intensified. However, in the past 24 hours, the asset saw brief relief, climbing 1.60% to $1.89.

A closer look into market structure shows this brief recovery could likely be a lower high before an intensified market fall takes place, leading to a massive price decline.

Death cross forms as distribution heightens

On the daily chart, FTT has formed a death cross pattern—an occurrence when the blue MACD line crosses below the orange signal line.

At the time of writing, the MACD had a reading of -0.0720, while the orange signal line was at -0.0688, with price trading in the negative zone.

When a death cross forms in the market, it suggests a massive sell wave is incoming, which tends to lead to a price decline. MACD stands for Moving Average Convergence Divergence.