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FTX Price Analysis: Channel Breakout May Bring 20% Relief Rally In FTT

FTX

Published June 12, 2022

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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.

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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.

FTT/USDT ChartSource- 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.

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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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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
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.
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