FTX (FTT) Token Flashes Buy before a rally, $35 will be recovered

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The FTX (FTT) token has had a tough time, but it recently sent out a buy signal, indicating that the price is about to rise against tether (USDT). The start of the week in the crypto market saw altcoin prices rise as most coins rallied with strong price gains, with the FTX (FTT) token poised to rebound. (Data from Binance)

FTX (FTT) Token Price Analysis on the Weekly Chart

Weekly FTT Price Chart | Source: FTUSDT on Tradingview.com

FTX price has struggled to maintain its bullish momentum in recent months as it was rejected from the $54 area, acting as a supply zone for most sellers.

Despite being a fundamentally strong coin on the FTX exchange and growing sentiment on its movement, FTT has struggled to regain the bullish momentum it once enjoyed. Nevertheless, FTT reached a weekly low of $24.

The price of FTT on the weekly chart needs to break out with good volume for the price to have a good chance of trading higher. FTT needs to break and hold above the resistance at $30 to form support for FTT price to move higher as the $30 mark prevents FTT from trending higher .

If FTT price fails to clear this resistance region, we could see price retesting the weekly lower $24 region, which could act as a good buy zone to drive FTT price higher and maintain the trend. sale.

Weekly resistance for FTT price – $30.

Weekly support for the price of FTT – $24.

FTT price analysis on the daily chart (1D)

FTT Daily Price Chart | Source: FTUSDT on Tradingview.com

The daily FTT price schedule appears unstable as prices remain within a range with little volume to break out of that range. FTT price failed to hold its main support at $30 as the price turned resistant, causing it to plummet to a region of $24, where it formed new support acting as a demand zone. .

After hitting a low of $24, FTT price rebounded, acting 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 price of $28, which is the value of 50 EMA.

On the daily time frame, FTT is currently trading at $26, having been rejected below the 50 EMA. To assume a strong bullish price move, the FTT price must cross the 50-day moving average.

On the daily chart, the Relative Strength Index (RSI) for FTT is below 50, indicating low buy order volume. With sufficient order volume, FTT price could reclaim the 50 EMA, which serves as price resistance.

Daily resistance for FTT price – $30.

Daily FTT price support – $24.

Featured Image From zipmex, Charts From 
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