FTX Token (FTT) seeks support after drop of new ATH

The FTX Token (FTT) has fallen since hitting an all-time high on September 9th and has recently fallen below the horizontal support area of ​​$ 62.5.

However, the token has created a short-term bullish pattern above $ 52 and could be approaching the next resistance.

FTT falls under the support

The FTT has been falling since September 9 when it hit an all-time high of $ 84.74.

On September 19, the price broke below the $ 62.5 area that is now likely to act as resistance.

After that, FTT found support at $ 52, the previous resistance area has now turned into support.

Despite the recovery, technical indicators are falling on the daily timeframe. MACD and RSI are both falling. The first indicator is about to break into negative territory while the second has fallen below 50.

Daily FTT / USDT chart | Source: Tradingview

Short term movement

Trader @TradingTank sketched the FTX chart, suggesting the token will bounce off minor support.

The source: Twitter

The shorter-term six-hour chart shows that the FTX is holding above the $ 52 region, creating a triple bottom that is believed to be the bullish pattern.

In addition, a bullish divergence is developing in both the RSI and the MACD. This is a sign that a jump is expected.

In this case, the closest resistance is at $ 66.5. This is the 0.5 fib retracement resistance and the horizontal resistance range.

FTT / USDT 6-hour chart | Source: Tradingview

Count waves

The wave count shows that the FTT completed a five-wave upward pulse with a new all-time high between July 20 and September 9.

It is therefore likely that the subsequent movement is part of the ABC correction structure.

If so, the token is currently in wave B, which brings it up to the USD 65 resistance, after which it could see a permanent decline.

FTT / USDT 6-hour chart | Source: Tradingview

You can see the FTT prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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