On May 9th, the FTX(FTT) price gave a massive breakdown from the monthly support level of $33.5. This support fallout suggests the sellers are ready for a leg down to the $22.5 mark. However, an unexpected rise in today’s retest candle suggests a possible fakeout.
Key points:
- FTT price responding to dynamics resistance trendline
- The Daily candle closing is crucial to determine upcoming movement
- The intraday trading volume in the FTT token is $185.9 Million, indicating an 84.8% gain.
Source- Tradingview
In early April, a failed attempt from the FTT buyers to sustain above the $48.5 mark triggered a new correction phase. This bull trap forced liquidated aggressive buyers who entered the resistance breakout.
The FTT price marched a steady downfall under the influence of a descending trendline and tumbled to a low of $29.67. As a result, this retracement rally has accounted for a 44.5% loss from the five-month high of $53.2.
Furthermore, the crypto market has witnessed a strong sell-off in the past five days, resulting in a bearish breakdown from the January bottom support of $33.5. However, the following retest candle has appreciated more than the seller’s expectation and teased a false breakdown
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The FTT price is 14.7% high on the intraday level and currently trades at the $34.6 mark. If the buyer manages a candle closing above the $33.5, the resulting bear trap will pump the altcoin to an overhead trendline at ($38.5).
However, a potential upswing would be challenging for buyers as a candle closing below the $33.5 mark will continue the ongoing correction. Moreover, the overhead dynamic resistance maintains a trouble barrier.
Technical indicator
The Flattish EMAs(20, 50, 100, and 200) are lined up in a bearish sequence suggesting the sellers currently dominate the field. Moreover, the 20-day EMA aligned with the descending trendline strengthens the seller’s defense.
The oversold RSI on May 9th reflected that the sellers had extended the price correction to an adverse level. This triggered a price jump and pushed the FTT price above $34.2.
- Resistance level- $37.6 and $43.5
- Support levels- $33.5 and $28.5
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