Price Analysis

FTX Token To Retest $3 This Week As FTT Price Jumps 38% Today?

The bearish price sentiment in the cryptocurrency industry is on a constant rise as top altcoins struggle to breach their important resistance levels. However, mid-cap and low-cap altcoins have recorded a positive price action, highlighting a switch of interest among investors toward these altcoins.

On the other hand, the FTX token has displayed a strong bullish reversal by adding approximately 40%, from $1.5974 to $2.2764 within the past 24 hours. Moreover, this altcoin has added 66.14% within the past seven days and 29.68% over the past month, indicating increased bullish sentiment.

FTX Token Displays A Bullish Reversal In Its Chart:

The FTT price displayed a bearish price action since the year’s start by losing 65.33%, from $3.058 to $1.060 by mid-April, indicating a rising disinterest of investors. Following this, the FTX price displayed a neutral sentiment by trading in a closed range between $1.060 and $1.5775 for a period. 

TradingView: FTX/USDT

Positively, the price regained momentum this week and experienced a bullish reversal amid increased market volatility. Furthermore, the Simple Moving Average (SMA) supports the price chart in the 1D time frame, suggesting a bullish outlook for FTX token during the upcoming days.

The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the chart, indicating increased buying pressure in the crypto space. Moreover, the averages show a bullish pattern, suggesting the price will continue gaining value in the coming time.

Will FTT Rise Again?

If the bulls continue to gain momentum, the FTX (FTT) price will test its resistance level of $2.4675. Maintaining the price at that level will set the stage for the FTT token to attempt to test its upper resistance level of $3.280 during the upcoming week.

Conversely, if a bearish trend reversal occurs, the price will lose momentum and fall to test its support level of $1.5775. Furthermore, if the bears continue to dominate the market, it will plunge toward its crucial support level of $1.060 this month.

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