FTX 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
- Polymarket Founder Shayne Coplan Teases Potential POLY Token After $2B ICE Deal
- FOMC Minutes Signal Fed Open to More Rate Cuts This Year, Bitcoin Bounces
- North Dakota To Issue ‘Roughrider’ Stablecoin Following Wyoming’s Footsteps
- Ethena Labs and Jupiter Partner to Launch JupUSD Stablecoin on Solana
- BlackRock’s Bitcoin ETF Leads ETFs With $3.5B Weekly Inflows as It Eyes $100B in AUM
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
- Binance Coin Price Prediction If It Surpasses Bitcoin Marketcap— Is $3000 Possible in 2025?
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
