FTX Price Analysis: 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
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