FTX Token Shows Strength As Uptrend Is Still In Tact-FTT Is up over 30% from its low in June
-Price has respected an ascending channel for nearly 3 weeks
-FTT must break & hold its mid term trend to be set free
FTX token had an amazing run the last year as it rose over 2000% off its low. FTT fell victim to the trend of the market and has fallen over -50% off its ATH. FTX crypto exchange is becoming a widespread name as it nears the top 3 cryptocurrency trading volume in the world. The strong correlation with FTT & FTX exchange has likely held prices higher as there is utility involved with FTT, similar to BNB & Binance. FTT has shown more strength than many alt coins which has investors peaking an eye on a potential stronger revival.
FTX has been stuck within an ascending channel the last 3 weeks as traders fight for a strong breakout to either side. In the past week, FTT experienced a rejection at major resistance zone of $30.55-$31.95. Price must break & hold this mark to be set free for a shot to its first target of $34. Along with this resistance zone lies a mid term trend line (shown in black). Price must also break and hold this line for bulls to have a chance to start a stronger bull trend.
At the time of writing, the 200MA has held the price of FTT from further downside. This moving average is also met with the bottom trend line of the 3 week ascending channel. If bears manage to take back control of FTT and break these two marks, FTT will have a drop to major support of $26.95. This would also break the 3 week trend line which would be a bearish scenario for FTT as it will likely experience further downfalls.
While looking at the Stochastic RSI we can see strength has been coiling within the oversold territory. This may result in a large spike back above the 20 value which will likely send FTT back near $30. The regular RSI also is showing a slight bullish bias as it has formed a bullish divergence. A break above the 50 value on the strength would be the best scenario for FTT.
FTT intraday levels
Spot rate: $28.96
Trend: Bullish
Volatility: Medium
Support: $28
Resistance: $29.59
FTTUSD
FTTUSDT(1H CHART) Channel BreakoutFTTUSDT(1H CHART) Technical Analysis Update
Channel Breakout
FTT/USDT currently trading at $32.3
Buy-level: Above $32
Stop loss: Below $29.5
Target 1: $34
Target 2: $37
Target 3: $39
Max Leverage: 2X
ALWAYS KEEP STOP LOSS...
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💡Don't miss the great buy opportunity in FTTUSD@FTX_Official
Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (59.116).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. FTTUSD is in a uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
Take Profits:
TP1= @ 63.000
TP2= @ 65.730
TP3= @ 68.000
TP4= @ 71.220
TP5= @ 74.000
SL= Break below S2
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💡Don't miss the great buy opportunity in FTTUSD@FTX_Official
Trading suggestion:
". There is a possibility of temporary retracement to suggested support line (59.116).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. FTTUSD is in a uptrend and the continuation of uptrend is expected.
. The price is above the 21-Day WEMA which acts as a dynamic support.
Take Profits:
TP1= @ 63.000
TP2= @ 65.730
TP3= @ 68.000
TP4= @ 71.220
TP5= @ 74.000
SL= Break below S2
❤️ If you find this helpful and want more FREE forecasts in TradingView
. . . . . Please show your support back,
. . . . . . . . Hit the 👍 LIKE button,
. . . . . . . . . . Drop some feedback below in the comment!
❤️ Your Support is very much 🙏 appreciated!❤️
💎 Want us to help you become a better Forex trader?
Now, It's your turn!
Be sure to leave a comment let us know how you see this opportunity and forecast.
Trade well, ❤️
ForecastCity English Support Team ❤️
FTT going to make New ATH soon! Things to Note:
1. Bullish Market Structure
2. Expansion in Volume
3. Pierced above ATH
4. Change of polarity of ATH level
P.S: This is NOT investment advice. This chart is meant for learning purposes only and is a part of my personal journal. Invest your capital at your own risk
FTT (FTTUSD) – Trading channel establishedHere is a channel I have been trading for the past fortnight and has so far been very profitable.
The green area is strong support.
This looks like it has more upside potential and as long as it continues moving within the range it will provide more opportunities for easy profit.