FTX (FTT) Token Flashes Buy Ahead Of A Rally, Will $35 Be Reclaimed

While the FTX (FTT token) has struggled, recent flashes of a buy signal indicate that it is likely to increase in price against USDT (tether). The crypto market’s early week saw altcoin prices surge as most coins rallied with significant price gains, with the FTX (FTT) token poised to make a relief bounce. Data from Binance

Weekly Chart FTX (FTT). Token Price Analysis 

Source: Forexview.com| Source: FTTUSDT On Tradingview.com

In recent months, FTX’s bullish momentum has been hampered by its rejection from $54 as a supply zone.

FTT, despite being a fundamentally powerful coin in the FTX Exchange and growing sentiment about its movement FTT has not been able to recapture its bullish momentum. FTT still has a weekly low at $24.

FTT must break out on the weekly chart with high volume in order to trade higher. FTT needs to break above $30 resistance to support a trend higher. The $30 level is keeping FTT from moving higher.

FTT may fail to cross this resistance zone if the price is not high enough. If that happens, the price could retest the $24 weekly area. In such a case, it would be possible for FTT’s price to rise and then hold off.

Weekly resistance for the price of FTT – $30.

Weekly support for the price of FTT – $24.

Prices Analysis For FTT On the Daily (1D) Chart

Daily FTT price chart | Source: FTTUSDT On Tradingview.com

FTT prices are volatile as they remain range bound with limited volume. FTT’s major support level of $30 was broken by resistance. The price fell to $24, where it created new support and acted as a demand area.

FTT’s price rebounded after hitting $24 as a low, and acted as strong support. FTT tried to stay above the Exponential Moving average (EMA), but it was rejected. FTT’s price is being held back by the price of $28, which corresponds to the 50 EMA value.

FTT currently trades at $26 per day, having fallen below the 50 EMA. FTT’s price must rise above the 50-day moving mean in order to be considered a bullish move.

The Relative Strength Index for FTT (RSI), which is shown on the daily chart, is lower than 50. This indicates low order volumes. FTT prices could reclaim the 50 EMA if they have sufficient orders.

Daily resistance for the FTT price – $30.

Daily support for the FTT price – $24.

Featured Image from zipmex. Charts By 

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