FTT Price Analysis: FTX Token Price Soars by 20% Last Week, Is FTT the Next BNB?

By Domenic
Published September 12, 2021 Updated September 12, 2021
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FTT Price Analysis: FTX Token Price Soars by 20% Last Week, Is FTT the Next BNB?

By Domenic
Published September 12, 2021 Updated September 12, 2021
  • FTT price has risen over 20% the last week
  • FTT Price has formed an ascending channel over the last week
  • FTT price s being held up by the 50MA

Is FTX the Next BNB?

FTX Token (FTT) is the backbone of the FTX ecosystem. FTX exchange has been rapidly growing over the last year along with its native token, FTT. FTT has experienced an immense amount of gains throughout the year as prices continue to rise along with the usage of the FTX platform. FTT gives fee rebates to holders of the token along with the opportunity to stake FTT which comes along with many benefits.

FTX token can be compared to BNB in the sense that it is woven within each exchange platform which both offer incentives for the users. 

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Ever since the start of September, FTT price has had an explosive run up to ATH. Since the 1st of the month FTT is currently up over 55% while it reached a peak gain of 80% just over 2 days ago. At the time of writing, price is attempting to regain its major resistance zone of $75-$78. If this is deemed successful, FTX token (FTT) will likely spike back above the $80 value.

Over the last 10 days price has began to form an ascending channel (light blue). Until a breakout of either trend occurs, FTT price will stay put within the channel.

FTX Token Price Analysis: FTT/USDT 4 Hour Chart

TradingView Chart

Since the beginning of the month, price has been holding above the 50MA very well. This MA can be used as a good gauge as to whether or not FTT price is in an uptrend or not. At the time of writing, FTT is tangling on to the bottom trend of its channel formation. Right below this trend lies the 50MA.

If bears pull price below its channel trend, the last chance for FTT price to keep its uptrend in tact is this MA. In the case price breaks below this MA, FTT price will likely be in a short term downtrend which will land prices back in the low $60s.

  • While looking at the Stochastic RSI, we can see strength has been stuck within the oversold region for nearly 2 days. Strength must bounce out of this zone quickly & break the 20 value to save itself from further downside.
  • The MAs of the MACD have been floating above the 0 value ever since the start of the month. This is not the most bullish sign as these MAs always find their way back to the 0 value at minimum. A bounce off the 0 value will likely setup FTT for a push back into its major resistance zone.

FTT Intraday Analysis

  • Spot rate: $73.37
  • Trend: Bullish
  • Volatility: Medium
  • Support: $69.76
  • Resistance: $75.24
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
133 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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