Support becoming Resistance (S/R) meeting on the Resistance level of an Ascending Channel and at the 61% Fibonacci level coupled with a strong divergence on the Daily Timeframe of the Relative Strength Index (RSI) at the over Overbought region is too much of a confluence for a bearish sign for FTMUSDT.
Afterall, the All Time High seems to be a perfect wave 5-cyan that amounts to the end of either an Impulse or Corrective Elliott Wave Cycle and that being true, we expect wave 2 or B-red to retrace at least 50% but preferably 60% (not a rule but a guideline - a guild line that is true 80% of the time) and in this case that has not happened in fact, from the All Time Low ($0.0004) we have not even seen up to 38% Fibonacci level retracement.
Other than the facts on the first paragraph another important point according to Elliott Wave Theory is that the first price action just after the all time high is an an impulse (doesn't look corrective) and what that means is that after a counter correction (the WXY-yellow) that brought us to this present price action, we should see a new low to for a Zigzag (ABC-cyan) and that Zigzag will balance in proportion the wave 2 or B-red by taking out the liquidities below and also reach the 50-60% Fibonacci zone or 70-90% spanning to the monthly order block or at worst case scenario the 38% which is just below the Sell Side Liquidity.