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.
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.
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.
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