The crypto industry continues to display massive volatility in its valuation, indicating ongoing buying and selling pressure in the market. Further, the FTX token after trading sideways for a brief period has displayed a significant jump, indicating an increased bull power in the space.
The FTT price traded in a consolidated range between $3.455 and $4.039 for a while, following which the bulls lost momentum, resulting in a price breakdown. However, the Bulls quickly regained power and pushed the price within the consolidated range.
After this, the price traded sideways for a while. The FTX token made multiple attempts to break out, but the bulls lost power resulting in the coin recording a correction of over 28% in its valuation.
Following this, the price displayed significant volatility in its charts and the token constantly lost momentum, resulting in a breakdown. After this, the price traded in a closed space between $2.6578 and $2.8934 for a while, following which it experienced another correction of roughly 5% in valuation.
Recently, the bulls regained momentum and jumped over 11%, indicating a bullish sentiment in the market.
Will FTX Price Rise High?
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increased buying pressure in the market. Further, the averages show a constant rise, suggesting the price will continue gaining value in the coming time.
If the bulls push the price above the resistance level of $3.1399, the FTT price will regain momentum and prepare to test its upper resistance level of $3.455 soon. Maintaining the price at that level will set the stage for the FTX token to attempt to test its resistance level of $3.746 over the weekend.
Conversely, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $2.8934. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $2.6578 in the coming days.
