FTT Trying To Sustain Itself Inside an Interesting Rising Pattern, Know Whereabouts! –

• FTX Token price is trading with strong downtrend momentum over the daily price chart.
• FTT crypto is trying to sustain at 20 EMA above 50 EMA, but still falters below 100 and 200-days Daily Moving Average.
• The pair of FTT/BTC is at 0.001274 BTC with an intraday drop of 2.81%.

Over the daily price chart, the FTX price is moving with downward momentum toward the rising wedge pattern’s lower trendline. To advance into its recovery phase, the token must keep the rising wedge pattern in place. Within the rising pattern, the token must maintain its recovery phase. Bears are attempting to capture the token in the grasp of short-sellers, nevertheless. For FTT cryptocurrency to continue trading inside the rising wedge formation, more buyers are needed. Investors in FTT must wait till FTT cryptocurrency begins to rebound over the daily price chart.

The price of FTX, which is now assessed at $30.39, has decreased 6.13% during the past 24 hours. However, the FTT currency’s trading volume rose by 11.25% in a single day. This suggests that the FTT bulls are making an effort to get involved in the transaction in order to prevent the token from plummeting. Volume to market cap ratio is 0.1051.

The price of the FTT currency is looking for buyers now that it has fallen below the accumulation level of the consolidation phase inside the rising wedge. The coin has to gather support from buyers in order to reverse the downward momentum and return to the upper level before the rising wedge pattern. However, it can be demonstrated that the volume change was below average and bear-influenced. FTT bulls must build up for the token to commence its recovery phase.

What do Technical Indicators suggest about FTT?

The bottom trendline of the rising wedge formation must be crossed by the price of the FTT cryptocurrency to rebound. The coin still has to attract a substantial number of buyers in order to overcome the daily chart. The strength of the drop in the FTT coin is shown by technical indicators.

Relative Strength Index demonstrates the FTT cryptocurrency’s decline momentum. At 53, the RSI is moving in the direction of neutrality. The FTT coin’s downward velocity is visible in MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in FTT must watch the daily chart for any directional changes.

Conclusion

Over the daily price chart, the FTX price is moving with downward momentum toward the rising wedge pattern’s lower trendline. To advance into its recovery phase, the token must keep the rising wedge pattern in place. Within the rising pattern, the token must maintain its recovery phase. Bears are attempting to capture the token in the grasp of short-sellers, nevertheless. However, it can be demonstrated that the volume change was below average and bear-influenced. The strength of the drop in the FTT coin is shown by technical indicators.  Investors in FTT must watch the daily chart for any directional changes.

Technical levels

Support Levels: $30.00 and $28.00

Resistance Levels: $32.00 and $

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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