NewsletterFTX Price Analysis: FTT Nearing Inverted H&S Pattern Breakout Eyes $40
The FTX(FTT) price action shows a bullish growth ready to surpass the overhead supply zone at the $28 mark. The improvement in the underlying bullish sentiment is evident by the inverted head-shoulder pattern teasing a breakout rally. Will the improving market conditions launch prices above $40?
Key points
- The FTT price shows a 13.5% gain in the last four days.
- Pattern breakout may surge FTT price 33% higher
- The intraday trading volume in the FTT token is $1109Million, indicating a 76% gain.
Source- Tradingview
The FTT/USDT pair has witnessed a constant downfall since early April, which plunged it to a low of $21.15. However, the high demand at these lower levels triggered a minor recovery rally, surging the $29 resistance.
However, the recent sell-off in the crypto market propelled a 17% bearish pullback to $24.2. Anyhow, the FTT price started the week on a bullish note, as the altcoin rebounded from mentioned support with a long bullish engulfing candle.
The sustained buying propelled the FTT price 13% higher, where it currently trades at $27.4. If the buying pressure persists, the coin price will rechallenge the $29 resistance, and in response to inverted head and shoulder, it is most likely to breach it.
Completing this bullish reversal pattern, with a decisive breakout and closing above the $29 resistance, the FTT price will likely hit $33, followed by $40.
Technical indicator
The DMI indicator shows a bullish crossover in the DI lines Sabotage the previous bearish alignment. Hence the technical indicator forecasts a bullish trend ready to redefine the price action.
Siding with the buying team, the Bollinger bands showcase a lateral shift in trend after a downfall indicating a potential reversal spot. Moreover, the bullish candle surpasses the midline and aims to redirect the upper band.
Therefore, the FTT traders could wait for a candle closing above $29 for better confirmation for triangle pattern.
- Resistance level- $33.4 and $43.5
- Support levels- $24.1 and $21.61
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