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

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. 

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

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