FTT Breaks Out and Could Attempt to Flip $5.6040 Into SupportA symmetrical triangle that had formed on the daily chart of BINANCE:FTTUSDT in the last two weeks has been confirmed in the past 48 hours. During yesterday's trading session, the altcoin witnessed a remarkable surge in value, exceeding a 35% increase. After closing yesterday's candle at $4.4429, the cryptocurrency's value has slightly corrected and is currently trading at that level.
Nonetheless, there is a possibility that FTT will continue to rise over the next few days. This potential upward movement could result in the altcoin converting the $5.6040 resistance level into a support level. It's worth noting, however, that the daily Relative Strength Index (RSI) line is approaching the RSI Simple Moving Average (SMA) line, indicating a decrease in buyer strength.
If these two lines intersect, it could trigger a significant bearish technical signal. As a result, FTT's price may experience a correction, potentially dropping to as low as the critical support level at $2.6815.