- The FTX token suggests an upcoming price recovery signal in its price action.
- Bears have started holding the FTX token below the 20-day exponential moving average.
- Buyers hardly defend themselves in the key hedge zones of $20 to $23.
The FTX token is again looking into the buyer’s hedge zone, which has been retested several times. Both the bulls and the bears are barely maintaining their dominance over the altcoin, so the price is not very volatile.
Since the all-time high of the FTX token, the bears are seeing an uptrend. Therefore, each previous swing high became a resistance level. At that time, the FTT token was trading at the $24.2 mark with a 0.3% intraday drop.
Explanation of Double Bottom Pattern in Weekly Chart
Close to the vital hedge zone of bulls, price action noted long-legged doji candle last week. Later on buyers maintain the price in green this week also while it is up 3.3% so far. Amid roller coaster ride, In weekly price chart, FTX Token suggests upcoming price recovery sign as price action shows double bottom pattern, but this could be a trap if price moves below $23 level ahead.
Bulls Have Many Bullish Hurdles Ahead in Daily Chart
Although trading volume looks low for the past several weeks, in fact, last night also trading volume was neutral at $71.9 Million as per CMC. Despite recovery in price, buyers struggle at the 20 day exponential moving average over the daily price scale. Bulls need to gather tokens to get back their dominance on FTX Crypto.
RSI indicator is getting prepared to move above halfway as MACD indicator already reflected the bullish crossover few days before. Although MACD is below the neutral zone, this positive sign may help buyers to make upside momentum.
Conclusion
The FTX token is trading sideways today along with higher-lows sustainability in price. At the moment the 20 day exponential moving average stands as a bullish hurdle, which probably biome support after breakout.
Support level- $23 and $20
Resistance level- $28 and $50
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.
Source: https://www.thecoinrepublic.com/2022/09/30/ftx-token-price-prediction-wait-for-right-time-of-entry-to-get-more-returns-in-2022/