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.
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
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
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.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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
According to Beincrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Pepecoin (PEPE) has long been a trailblazer in the meme cryptocurrency space, leveraging the viral…
This guide explores 4 altcoins guaranteed to give you the easiest 100x of your life:…
Floki Inu scam warning is notified to users about unauthorized tokens falsely associated with its…
Kaspa and Lido are bouncing back after experiencing downtrends recently, but RCO Finance remains the…
The allegations in the SEC Binance lawsuit that BNB coin sales constitute unregistered securities were…
US Treasury crypto tax rules aim to prevent tax evasion and align crypto tax reporting…
This website uses cookies.