After struggling, the FTX (FTT) token recently issued a buy signal, indicating the price is ready for a rally against Tether (USDT). The early days of the cryptocurrency market saw altcoin prices skyrocket, with most coins showing significant gains and the FTX (FTT) token poised to rebound. (Data from Binance)
FTX (FTT) Token Price Analysis on Weekly Chart
The FTX price has struggled to sustain its bullish momentum in recent months as it has been rejected from the $54 region that serves as the supply zone for most sellers.
Despite being a fundamentally strong coin on the FTX exchange and growing sentiment for its move, FTT is struggling to regain the bullish momentum it experienced. The dollar has reached a weekly low.
The price of FTT on the weekly chart should break out with sufficient volume as it is likely to trade at a high price. The FTT needs to break out and sustain the $30 resistance to form support to move to higher heights.
If the FTT price fails to break out of this resistance area, it may retest the lower weekly area of $24. This could act as a good buy zone to push the FTT price higher and sustain the selloff.
Weekly resistance to FTT price – $30.
Weekly support for FTT price – $24.
FTT price analysis on a daily (1D) chart
The daily timeframe for FTT prices looks volatile. This is because the price stays within the range and little volume breaks out of this range. The FTT price failed to hold the $30 key support as the price turned to resistance and free-falled to the $24 region, forming a new support that acts as a demand zone.
After hitting a low of $24, the FTT price bounced back to strong support. FTT price tried to hold the 50 exponential moving average (EMA) but was rejected as support. The FTT price is capped at $28, which corresponds to the value of the 50 EMA.
On the daily timeframe, the FTT is currently trading at $26 and refusing below the 50 EMA. FTT price needs to break above his 50-day moving average line to assume a strong bullish price move.
On the daily chart, relative strength index FTT’s (RSI) is below 50, indicating low buy order volume. With sufficient order volume, the FTT price could retake the 50 EMA, acting as price resistance.
FTT price daily resistance – $30.
Daily support for FTT pricing – $24.
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