FTT, the native token of the FTX crypto exchange is seeing a stable rise in demand against the Greenback and recovery from a decline against Bitcoin BTC. In this post, we analyze the FTT paired against the number one crypto-asset Bitcoin, and the USDT.
We’ll identify the significant support, resistance levels and identify chart patterns that suggest trend reversal and continuation on both the FTTBTC and FTTUSDT.
Let’s dive into it.
FTT Price Analysis: FTTBTC Daily Chart
The FTTBTC chart above shows a 50% price slump following a bull-trap candlestick pattern on 09 September ’21. Bearish momentum found a price floor at 0.000814 following a regular bullish divergence pattern on 19 October ’21 with RSI values piercing above level-75 for the first time since the price slump.
We expect a bullish campaign to kick-off from here considering that the weekly time frame of the FTTBTC also maintains a strong bullish outlook with the RSI printing higher figures above level-25 since 11 January ’21.
FTT Price Analysis: FTTUSDT Weekly Chart
A recent hidden bullish divergence on the weekly time frame of the FTTUSDT confirms a price floor for the FTT token at $48.016 as the relative strength index prints higher values above level-25 and sets a new ATH at $85.00.
We expect the bullish campaign to persist as long as the FTT price trades above the $43.064 support and a projected 2021 all-time high above the $85.00 mark.
FTT Price Analysis: FTTUSDT Daily Chart
A view from the daily time frame shows the weekly time frame price floor of $48.016, this time confirmed by a regular bullish divergence pattern on 28 September ’21.
Such confluence of patterns on the weekly and daily time frame further reinforces the decision to resume the uptrend.
Furthermore, hidden bullish divergence is flagged at press time and we are set to witness an upward and parabolic wave of the FTX native cryptocurrency.
We now, notice that the RSI is printing higher readings above level-25. Let’s move to the 4HR time frame to capture the price pull-back levels.
FTT Price Analysis: FTTUSDT 4 Hr Chart
The entry and exit of oversold territory [level-25] on the intraday 4HR chart above, confirms the price bottom and uptrend observed on the daily time frame. We anticipate an increase in demand from this point as the FTT token price surge toward the $69.744 mark.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.