The FTX token (FTT) has been having a rough time, but it recently flashed a buy signal, indicating that the price is poised to rise against Tether (USDT). The start of the crypto market week saw an uptick in altcoin prices as most coins rallied with significant price gains, with FTX token (FTT) poised for a relief rebound. (Data from Binance)
FTX Token (FTT) price analysis on a weekly chart
FTX price has struggled to maintain its bullish momentum in recent months as it has been rejected from the $54 area, which has acted as a supply zone for most sellers.
Despite FTT being a fundamentally strong coin on the FTX exchange and rising sentiment towards its movement, FTT has struggled to recapture the bullish momentum it experienced. However, FTT hit a weekly low of $24.
The FTT price on the weekly chart needs to break through with good volume for the price to have a good chance of trading higher. The FTT needs to break and hold above the $30 resistance to create support for the FTT price to move higher as the $30 barrier prevents the FTT from trending higher.
If the FTT price fails to break this resistance area, we may see the price retest the lower weekly $24 area, which could act as a good buying zone to push the FTT price higher and sustain the selloff.
Weekly resistance at FTT price – $30.
Weekly support at FTT price – $24.
FTT price analysis on a daily (1D) chart
The daily time frame for FTT prices appears to be choppy as prices remain range bound with little volume to break out of that range. The FTT price failed to hold its major support at $30 when the price flipped into resistance, causing a free fall to the $24 area where it formed a new support acting as a demand zone.
After hitting the $24 low, FTT price rebounded and acted as strong support. FTT price attempted to hold above the 50 exponential moving average (EMA) but was rejected as support. The price of FTT is held back by the $28 price, which corresponds to the 50 EMA.
On the daily time frame, FTT is currently trading at $26 after being rejected below the 50 EMA. In order to anticipate a strong upward price movement, the FTT price must break above the 50-day moving average.
It is on the daily chart Relative strength index (RSI) for FTT is below 50, indicating low buy order volume. With sufficient order volume, the FTT price could regain the 50 EMA, which serves as price resistance.
Daily resistance at FTT price – $30.
Daily support at FTT price – $24.
Featured Image From zipmex, Charts From