FTT Price Surges Amidst Market Bear What’s Next for FTX Token?

Despite the crypto industry experiencing a significant price correction and investors experiencing FOMO, the FTT token has successfully secured the top gainer spot by adding over 30% to its portfolio within the past day.

FTX’s optimistic rebirth has attracted the massive attention of investors. Following the news of Binance exchange criminal chargers, the on-chain matrix has recorded increased swapping of BNB for FTT, resulting in this price pump.

The FTT price traded in a narrow space between $0.989 and $1.360 for a brief period, following which the price gained momentum and broke out of the range. FTX displayed remarkable price action by gaining over 220% within the next two days before being rejected at $4.408.

Soon after this, the price experienced another surge, but the rally was short-lived as the price was rejected at $5.80, following which the price was pulled back within the range, leaving a long wick on the chart.

The FTT price then displayed minor volatility and was rejected at $4.912, after which the coin lost momentum and experienced a correction of 15%. Since then, the price has been trading in a consolidated range between $2.860 and $3.746.

Presently, the price is attempting to break out of the key resistance level of $4.408, the outcome of which is unpredictable. Further, the price has been trading with the dynamic support of the 50-day EMA, indicating a possibility of a trend reversal in the coming days.

Will FTT Price Hit $4 Soon?

The Moving Average Convergence Divergence (MACD) has displayed constant price volatility for a week, indicating ongoing massive price action for the coin. Further, the averages steadily rise, suggesting the price will continue gaining value in the coming days.

If bulls hold the price above the resistance level of $3.746, the FTT price will regain momentum and prepare to test its upper resistance level of $4.408. Maintaining the price at that level will set the stage for FTX to attempt to test its key resistance level at $4.912 in the coming weeks.

Conversely, if the bears overpowered the bulls, the FTX price would lose momentum and fall to test its support level of $2.860. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its crucial support level of $2.413.