Despite the bullish sentiments around the crypto space, the FTX price has continued to display massive price fluctuations in its chart for over a month. The FTT’s FTX token recorded significant price pumps in its value in November, following which the price has been mostly trading sideways, indicating a reduced buying pressure for this crypto coin in the market.
The FTX token price traded in a closed range between $2.8934 and $3.4550 for a while, following which the price gained momentum and jumped over 73% before facing rejection at $5.0253. Following this, the price traded sideways for a while, but the bulls failed to hold the price, resulting in a pullback.
The bulls held the price strong above the support level of $3.4550, resulting in the price regaining momentum and breaking out of its resistance level at $4.0396.
After trading in a closed range between $4.0396 and $4.5550 for a while, the bulls regained momentum and jumped over 33%, following which it faced rejection at $6.0769.
Since then, the price has constantly traded under a bearish influence and is currently testing to break out of its key resistance level at $4.5550, of which the outcome is unpredictable.
Will FTX Price Rise Back Up?
The technical indicator, MACD, displays a constant red histogram, highlighting a higher selling-over-buying pressure for FTX tokens in the market. Further, the averages show a possibility of a bullish reversal, suggesting a mixed sentiment in the future price action of the coin.
If the market bulls push the price above the resistance level of $4.5550, the price will regain momentum and prepare to test its upper resistance level of $5.0253. If the market maintains the price at that level, the FTT price will attempt to test its key resistance level of $5.4260 in the coming days.
Conversely, if the bears hold power over the bulls, the FTX price will continue to lose value and prepare to test its support level of $3.4550. Moreover, if the bears continue to dominate the market, it will plunge further and fall to test its crucial support level of $2.8934 in the coming days.
