One of the best performing crypto market participants in recent months is undoubtedly the FTX token, native to one of the largest cryptocurrency exchanges.
At the time of this writing, the token labeled in the markets as FTT, is trading at $ 52.65, accumulating a slight loss of 0.69% in the last 24 hours.
While the general market sentiment was bearish in recent weeks, this token made a totally healthy correction; but now, the recent gains seem to be signaling the resumption of the trend.
To find out more precisely what is going on with the FTX price and where it may be headed in the near future, here is a technical analysis of it.
When we look at the FTT vs USDT daily chart, we notice how last Tuesday the price managed to break through the resistance located at $ 52.69, which means that the small bearish direction that there was is being challenged.
We have yet to see a really reliable bullish escape above this level, but the determination that the bulls bring is quite interesting.
Buyers should now try to make higher and higher lows and highs to regain control of the short-term trend.
The odds are on the bullish side of the scenario. For us to think about sales, we must first see the break at $ 44.43.
Forecast and key levels
As indicated, at the moment the most likely scenario is that of a bullish continuation, and when we review the weekly chart we reaffirm this idea.
The bullish force that the price brings is incredible. Of course, the more the price rises as it is doing, the risk that a major correction will initiate increases, but for now is not the time to sit back and wait for falls.
During the past week, the FTX token price made a higher low at $ 42.67. Now this week the upward pressure seems to be signaling the resumption of the trend.
If we use the Fibonacci retracement tool, we obtain the following targets: $ 66.75 in the first instance, $ 76.24 in the second.
The level that must be maintained for this short-term forecast to be maintained is at $ 46.42.
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