On the daily chart for 
FTTUSDT , a symmetrical triangle pattern has been observed for the FTX Token (FTT), indicating a potential short-term breakout for the FTT price. Over the past week, FTT traded in an accumulation phase, fluctuating between $2.6815 and $5.6040. The FTX Token price might signal a breakout towards the upside if it successfully closes a daily candle above this triangle pattern. Such a move is expected to be positively received by traders, potentially leading to increased investment in this altcoin. If the buy pressure is substantial, the FTT price could overturn the $5.6040 resistance into support, creating a pathway for its value to approach pre-collapse figures around $21.
Despite this optimistic setup, the sharp decline in the FTX Token price following FTX's bankruptcy filing makes a near-term rise to the $21 level unlikely. Nevertheless, the recent accumulation phase suggests the possibility of a short-term breakout for the FTT price.
However, caution is advised. Technical indicators on the daily chart, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), lean towards a bearish outlook, predicting a further decline in the FTT price in the next 24-48 hours. The nearing of the MACD line to the MACD Signal line, and the downward trajectory of the MACD Histogram, support this bearish perspective.
The weakening of buying momentum, as indicated by the RSI line's approach towards crossing below the RSI Simple Moving Average (SMA) line, suggests a potential short signal for traders, which could lead to a near-term drop in the FTT price. If these bearish indicators are confirmed, the FTT might retest its immediate support at $2.6815, a crucial level to monitor. A fall below this level could lead to a further decline in the FTT price, potentially down to $1.4585, and in a highly bearish scenario, it might even plunge to as low as $0.9635.
FTTUSDT , a symmetrical triangle pattern has been observed for the FTX Token (FTT), indicating a potential short-term breakout for the FTT price. Over the past week, FTT traded in an accumulation phase, fluctuating between $2.6815 and $5.6040. The FTX Token price might signal a breakout towards the upside if it successfully closes a daily candle above this triangle pattern. Such a move is expected to be positively received by traders, potentially leading to increased investment in this altcoin. If the buy pressure is substantial, the FTT price could overturn the $5.6040 resistance into support, creating a pathway for its value to approach pre-collapse figures around $21.Despite this optimistic setup, the sharp decline in the FTX Token price following FTX's bankruptcy filing makes a near-term rise to the $21 level unlikely. Nevertheless, the recent accumulation phase suggests the possibility of a short-term breakout for the FTT price.
However, caution is advised. Technical indicators on the daily chart, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), lean towards a bearish outlook, predicting a further decline in the FTT price in the next 24-48 hours. The nearing of the MACD line to the MACD Signal line, and the downward trajectory of the MACD Histogram, support this bearish perspective.
The weakening of buying momentum, as indicated by the RSI line's approach towards crossing below the RSI Simple Moving Average (SMA) line, suggests a potential short signal for traders, which could lead to a near-term drop in the FTT price. If these bearish indicators are confirmed, the FTT might retest its immediate support at $2.6815, a crucial level to monitor. A fall below this level could lead to a further decline in the FTT price, potentially down to $1.4585, and in a highly bearish scenario, it might even plunge to as low as $0.9635.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.