FTT Price Analysis: Rising RSI Slope In FTX Token Hints Upcoming Bullish Rally
The FTX technical chart indicates an overall downtrend in this token. The token price has recently plummeted to 0.786 FIB and is still trying to obtain sufficient demand. However, a bullish divergence in the RSI chart suggests a bullish recovery from this support.
Past Performance in FTT token chart
Since the last quarter of 2021, the FTX token has been traveling a downward rally. From the previous high of $86.2, the token price has discounted 57% and plunged to 0.786 Fibonacci retracement level($36.2).
The market buyers tried a few attempts to start a new rally. However, the intense supply pressure from the $44.22 mark rejected the pair immediately and dropped it back to bottom support levels.
FTX Token Consolidating In A Short-Range
This lower time frame chart displays the FTT token price has been resonating between the $44.2 and $36.5 mark from the past month. The consolidation indicates a narrow range in the technical chart, providing a retesting period for the trending price.
Anyhow, this short-range offers an excellent trading opportunity when the price breaches either of their levels. With the recent bloodbath in the crypto market, the token price is dumb back to the lower support of $36.5, where it’s again showing a recovery sign.
By the press time, the current price of the FTT token is $38.36, with an intraday gain of 0.79%. Moreover, the 24hr volume change is $440.2 Million, indicating a 1.95% hike. According to coinmarketcap, the token stands at #32 rank with its current market cap of $5.3 Billion(-8.5%).
The important price action levels are;
Resistance: $44.2 $47.5