HomeAltcoinsFTX Token price analysis: FTT recovers back to $34 as it gains...

FTX Token price analysis: FTT recovers back to $34 as it gains five percent overnight. Can the bulls retain momentum?

-


The FTX Token price analysis shows the token is bullish today. Bulls have made a significant recovery today after yesterday’s price crash; even bulls have breached past the resistance present at 33.8. The FTT/USD price has recovered up to $34.3, as bulls have covered the loss made by bears yesterday and are on their way to further recovery as the price is still at a lower level compared to the last year.

FTT/USD 1-day price chart: Bulls make swift recovery after a flash crash

The 1-day FTX Token price analysis reveals Bullish momentum. Though during the last month, extreme bearish activity has been observed, today, bulls seem to overcome the bearish attempt as FTT Gained a value of five percent in the last 24 hours, while the token still reports a loss of 12.41 percent for the past week. Yesterday FTT price levels crashed extremely low to $30, but bulls made a swift recovery today as the price has been uplifted back to $34.3 as of now, which is a piece of positive news.

FTX Token price analysis: FTT recovers back to $34 as it gains five percent overnight. Can the bulls retain momentum?
FTT/USD 1-day price chart. Source: Tradingview

The FTX Token price analysis shows the volatility is increasing by a considerable margin. The Bollinger bands are diverging apart, the upper Bollinger band is at the $44.1 mark representing the strongest resistance, and the lower band is at the $32.1 mark representing the support.

The moving average (MA) is at the $35.7 mark as the SMA 20 is trading below the SMA 50 curve, and both the SMAs are trending above the price level. The relative strength index has recovered from the underbought zone and has reached index 39 in the lower half of the neutral zone, and the curve of the indicator is steeply upwards, hinting at the buying activity in the market.

FTT/USD 4-hours analysis: Recent developments and further technical indications

The 4-hours FTX Token price analysis chart shows the continuous emergence of green candlesticks. Bulls have gained a good amount of momentum during the past hours and have recovered the price up to $34.3. If buyers’ support continues, then the token may continue the inclining price trend, as further recovery also seems possible.

FTX Token price analysis: FTT recovers back to $34 as it gains five percent overnight. Can the bulls retain momentum?
FTT/USD 4-hours price chart. Source: Tradingview

The moving average (MA) is at the $32.5 mark below the price level, indicating a bullish crossover, whereas the Bollinger bands average is at the $33.7 mark, also below the price level. The volatility is also high as the upper Bollinger band is at the $36.8 mark, and the lower Bollinger band is at the $30.7 mark.

The relative strength index (RSI) continues its upward movement as it shows a reading of 50 on the 4-hour chart. The indicator shows strong buying at the moment, and there seems to be more room for further bullish practice.

FTX Token Price Analysis: Conclusion

The 1-day and 4-hour FTX Token price analysis reveal a strong bullish trend as the price spiked high today. The upward trend, which started at the start of today’s trading session, is still to go ahead as the bullish momentum seems strong. However, the cryptocurrency price can be expected to correct as it touches the $35 resistance mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Bitcoin price plummets while miner hash rate soars to all-time highs

The overall security of the Bitcoin protocol, or hashrate, hit a new high of 158 exahash per second despite the price being down...

Law Decoded, Sept. 26–Oct. 3: New episode of Do Kwon saga

Terra’s co-founder continues his adventures, writing code in his living room, posting on Twitter and hiding from Interpol all at once. ...

Mastercard launches new crypto fraud protection tool

Mastercard’s new product allows banks to find and prevent fraud on crypto merchant platforms within its network. The financial service provider Mastercard will...

Binance opens two new offices in Brazil as team doubles since March

Binance revealed it has more than 150 employees to cover its operations in Brazil and appears to be on good standing with the...

Most Popular

spot_img