FTX Price Rally Seems Fading Away! Has FTT Price Reached Its Yearly High?
The post FTX Price Rally Seems Fading Away! Has FTT Price Reached Its Yearly High? appeared first on Coinpedia Fintech News
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.
