Channel Breakout May Bring 20% Relief Rally In FTT

The FTX(FTT) price bullish escape from a falling channel pattern indicates a recovery opportunity for coin holders. Furthermore, if the coin price could sustain through the ongoing retest phase, the buyers would drive the altcoin 20% higher as its first target.

Key points

• The FTT price showcase a morning star candle pattern at flipped trendline support
• A potential bull rally should pump the FTT price by 20%
• The intraday trading volume in the FTT token is $111.85 Million, indicating a 76% gain.

Source- Tradingview

Since the beginning of April, the FTT/USDT pair has witnessed a one-sided fall, which plunged the altcoin to a low of $25.29. This downfall discounted the altcoin by 53% before shaping into a parallel channel pattern.

Amid the widespread uncertainty in the crypto market, the FTT price resonated in the channel pattern for nearly a month. Furthermore, the altcoin retested and bounced back from the $25.29 level, validating it as genuine support.

The buyers tried to build up on the replenished bullish momentum and breach the overhead resistance trendline. Furthermore, the coin price currently in a retest phase provides a long entry opportunity for interested traders. 

If buyers sustain above the breached trendline, the FTT price will climb 20% higher to the $34 mark. 

Technical indicator

The MACD indicator shows a gradual rise in fast and signal slope reflecting growth in underlying bullishness. Thus, a potential breakout from the neutral zone would offer additional confirmation for recovery.

Similar to the descending trendline, the 20-day EMA has been providing constant resistance to the FTT price. However, despite a bullish breakout from the trendline, the 20 EMA still restricts buyers from rallying higher.

Therefore, the safe players could wait for a candle closing above $29.5 for better confirmation.

• Resistance levels- $37.6 and $43.5
• Support levels- $33.5 and $28.5