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Today, the (FTX)FTT price is up by 4% and strikes a two-month-old resistance trendline. Thus, this breakout opportunity may trigger a recovery rally with a long target of $53.11. However, the technical chart shows the coin price may face multiple resistance that can stall the expected bull run.
Key points:
- FTT price forming morning star candle in the weekly time frame chart
- The FTT buyers mount strong support at the $25.65 mark
- The intraday trading volume in the FTT token is $185.9 Million, indicating an 84.8% gain.
Source- Tradingview
Over the past two months, the FTT/USDT pair has witnessed a constant downfall under the influence of a descending trendline. The multiple requests to the descending trendline indicated the traders are aggressively selling at this resistance and respect its level.
The ten consecutive red candles in the weekly chart registered a 51.8% loss as the altcoin plunged from a $53.19 high to a $25.29 low. However, the FTT price bounced back from $25.65 support and breached the dynamic resistance trendline.
The interested traders must wait for the daily candlestick closing above the trendline as the ongoing uncertainty in the crypto market keeps the buyer’s activity restricted. Anyhow, a successful breakout may surge the FTT price 90% higher to the $53 mark.
On a contrary note, a failed attempt from FTT buyers to sustain this breakout may sink the coin back to $25.65 and keep the fallout possibility on the cards.
Technical indicator
The fast-moving 20 DMA, aligned with the descending trendline since the beginning of the recent fall, mounts an additional defense for sellers. Thus, a genuine breakout from this crucial resistance would flip the 20 DMA to valid support.
The daily-ADX slope falling indicates losing bearish momentum and bolstering trendline breakout.
- Resistance level- $37.6 and $43.5
- Support levels- $29.3 and $30
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