FTX token (FTT) breaks long-term resistance line – the week’s biggest gainers
FTX token (FTT) breaks long-term resistance line – the week’s biggest gainers.
In this article, CoinCu looks at the cryptocurrencies that have gained the most over the past seven days, January 14-21 to be precise.
Due to the drastic market correction, only five cryptocurrencies out of the top 100 coins by market cap saw positive growth.
These altcoins are:
- Bit Torrent (BTT): 6.56%
- Theta Fuel (TFUEL): 4.78%
- Reduced (DCR): 1.99%
- FTX Token (FTT): 4.15%
- Klaytn (KLAY): 0.65%
BTT has been trading in a symmetrical triangle since June 22nd. This is a neutral pattern, so the probability of a breakout and a breakout are equal.
The token is moving near the bottom of this pattern, at which point decisive movement is likely.
Technical indicators are showing some bullish signs as both the RSI and MACD are generating significant bullish divergences (green line). Therefore, a break above this pattern seems the most likely scenario.
Daily BTT/USDT Chart | Source: TradingView
TFUEL has been trading above the $0.23 zone for 276 days starting on March 8th. On December 4th the price broke below this zone and confirmed it as resistance on December 27th (color icon, red). has been moving down since then.
Since the support zone has been in place for almost a year, the trend cannot be considered bullish unless it recovers.
TFUEL/USDT daily chart | Source: TradingView
DCR has been falling since hitting an all-time high of $250 on April 14th. Although the price bounced off the $100 support area 4 times, on December 5 the token broke and confirmed that this area has support for the next ten days (red icon). ).
The next major area of support is at $46. A decisive break below this zone could trigger a drop towards all-time lows near $10.
DCR/USDT 2-day chart | Source: TradingView
FTT has been moving along the descending resistance line since September 9th, which took it as low as $33.8 on January 8th. On January 14th, the price broke out above this descending resistance line.
Currently, the FTT is attempting to hold above the $43.5 area which previously acted as resistance. If successful, the bullish structure remains intact.
Daily FTT/USDT Chart | Source: TradingView
KLAY has been rising in an ascending parallel channel since December 4th. Such channels often contain corrective moves. Therefore, a break below the channel is the most likely scenario.
Additionally, the token is trading in the lower part of the channel, which supports the possibility of a breakout.
In that case, the nearest support lies at $1.05.
KLAY/USDT 12 hour chart | Source: TradingView
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.
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