FTX (FTT) Token Flashes Buy Ahead Of A Rally, Will $35 Be Reclaimed
The FTX (FTT) token has had a difficult time, but it has recently flashed a buy signal, indicating that the price is poised to rise against tether (USDT). 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)
FTX (FTT) Token Price Analysis On The Weekly Chart
The price of FTX has struggled to maintain its bullish momentum in recent months, as it was rejected from the $54 area, acting as a supply zone for most sellers.
Despite being a fundamentally strong coin of the FTX exchange and growing sentiment on its movement, FTT has struggled to recapture the bullish momentum it experienced. Nonetheless, FTT has reached a weekly low of $24.
The price of FTT on the weekly chart needs to break out with good volume for the price to have a good chance of trading higher. FTT must break and hold above the resistance at $30 to form a support for the price of FTT to move to a higher height, as the $30 mark is preventing FTT from trending higher.
If the price of FTT fails to break through this resistance region, we may see the price retest the lower weekly region of $24, which could act as a good buy zone to push the price of FTT higher and hold the sell-off.
Weekly resistance for the price of FTT – $30.
Weekly support for the price of FTT – $24.
Price Analysis Of FTT On The Daily (1D) Chart
The daily timeframe for FTT prices appears choppy, as prices remain range-bound with little volume to break out of this range. The price of FTT failed to hold its major support at $30 as the price flipped into resistance, causing a free fall to a region of $24, where it formed new support acting as a demand zone.
After hitting a low of $24, the price of FTT rebounded, acting as strong support. The price of FTT attempted to hold above the 50 Exponential Moving Average (EMA) but was rejected as support. FTT’s price is being held back by the price of $28, which corresponds to the 50 EMA value.
On the daily timeframe, FTT is currently trading at $26, having been rejected below the 50 EMA. To assume a strong bullish price movement, the price of FTT must cross the 50-day moving average.
On the daily chart, the Relative Strength Index (RSI) for FTT is below 50, indicating low buy order volume. With sufficient order volume, the price of FTT could reclaim the 50 EMA, which serves as price resistance.