- FTT token is moving higher by indicating buy on dip as soon as it formed a base on $33.50mark.
- Bulls succeed in sustaining FTX Token above the 20 and 50 MAs in the daily time frame.
- FTT/BTC pair price is favorable by 7.78% at 0.001137 BTC.
As soon as FTT Token formed a strong base at $4.73 mark, it gave an almost 1627% return to long position holders till $85.74, which is the highest peak of the asset ever (according to the tradingview). On 9 September, investors started their excellent return booking, signaling a trend changer for the traders. Then sellers made a grip on the token, and they dumped it, the resulting buyers and sellers became the witness of a bloodbath.
The live data of FXT Token shows positivity by 7.71% at $47.66 at time. Over the past 24-hours, trading volume increased by 27.46% at $318.7 million. FTT/BTC pair price is bullish by 7.78% at 0.001137 BTC. Same as FTT/ETH pair is cheerful by 6.82% at 0.01523 ETH. Now asset has 0.33% market dominance in the whole cryptocurrency industry. However, the Volume /Market Cap ratio is 0.04845.
FTT token was in the solid bearish trend after hitting an ATH level, and Then to till now asset was following the falling verge until it broke this descending trendline to bulls favor. On eight January, token formed support at the $33.76 mark, and buyers attempted to recover their loss. The resulting holders succeeded in breaching the bearish border on 14 January. Still, FTT is moving higher by indicating higher-high formation (considered as an ascending trendline).
Will Bulls Continue to Sustain The FTX Token Above Ascending Trendline?
Investors successfully achieved to breach 20 and 50 moving averages in the daily time frame, and a token is moving above both MAs. 100 and 200 MAs will be the further bullish barrier for FTT holders. Now Coin is about to test bullish resistance; if an asset breaches this resistance level, then the $53.50 mark could be the bullish borer for the short term (according to Fib Retracement).
During the consolidating territory in an oversold zone, RSI’s signal line was surviving below the 50 mark and tested it twice. But finally, in third attempt, bulls breached 50 mark. Now RSI is at 65 by drawing steeve incline; it appears bullish sing for FTT investors.
On 18 December, MACD generated the bullish crossover from negative zone; till now, it has been moving higher and breached neutral mark (which is 0). This sign trapped the bears and favoring the buyer.
Conclusion
Looking at the current scenario, FTT Token appears bullish until asset breaches trendline upwards. At the $57.60 mark, Token could face selling pressure ahead. On the flip side, if TokenToken slips down at current price, then it might reach the $33.84 key mark again.
Resistance level- $57.60
Support level- $33.84 and $22.28
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.