The FTX token continues to display a neutral trend, highlighting a weak price action in the cryptocurrency market for the coin. Further, the FTT price has gained approximately 5% within the past 24 hours but has recorded a correction of over 15% over the past week, indicating a mixed sentiment in the crypto space.
The FTT price traded between $2.8934 and $3.1399 for a while, following which the market gained momentum and the price broke out of the range. However, the rally was short-lived as the price faced rejection at $3.4799, after which the token erased all its gains.
The price traded sideways for a short period, following which the FTX token faced another loss of over 15% in valuation. After this, the price traded sideways between $2.6578 and $2.8934 for over three days. The FTT price continued to trade under a bearish sentiment for a brief period.
After multiple attempts, the bulls regained momentum and jumped approximately 43% in value. The price faced rejection at $3.4799, following which it traded in a consolidated range between $2.8934 and $3.1399 for over a week.
As the bear gained power, the token displayed a breakdown it the chart. Since then, the price has been trading in a consolidated range between $2.4349 and $2.8934.
Also Read: Attention Traders!!! Fresh FUD May Knock into the Crypto Space; Will BTC Price Plunge Below $35,000?
Will FTX Price Regain Value?
The MACD displays a constant green histogram, indicating an increased buying-over-selling pressure in the market. Further, the averages show a constant rise, suggesting a bullish influence in the crypto space.
If the bulls hold the price above the support level of $2.6578, the FTT price will regain momentum and test its resistance level of $2.8934. Maintaining the price at that level will set the stage for the FTX token to attempt to test its upper resistance level of $3.1399 this week.
Conversely, if the market continues to lose value, the FTT price will fall to test its support level of $2.6578 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.1988 in the coming days.
