FTT is a native token for a crypto derivatives trading platform, called FTX. These three reasons make FTX different from other crypto trading platforms: Clawback Prevention, a centralized collateral pool, and universal stablecoin settlement. Let us look at the technical analysis of FTT.
On September 1, 2021, FTX opened at $48.32. On September 7, 2021, FTX closed at $70.95. Thus, in the past week, the FTX price has increased by approximately 46.34%. In the last 24 hours, FTX has traded between $63.38-$83.41.
FTT Technical Analysis
Currently, FTX is trading at $66.91. The price has decreased from the day’s opening price of $71.22. Thus, it seems the selling pressure is high in the market. Moreover, a 15% dip in bitcoin’s price has led to a fall in FTT’s price as well. The market saw a hefty profit booking in the last 24 hours. However, the long-term trend remains intact.
The MACD and signal lines are in the positive zone. However, a bullish crossover by the signal line over the MACD line can come to an end. But, the overall market momentum is bearish. Hence, the price may decline further.
Currently, the RSI indicator is at 61.08%. It has fallen from the 72% mark. Thus, selling pressures are slowly mounting. We have to wait and watch if selling pressures become strong enough to bring about a trend reversal. Until then we can expect the price to fall for the rest of the day.
The OBV indicator was sloping in an upward direction. However, high selling pressure in the last 24 hours has caused a sudden dip in the price level. Thus, indicating that the selling volumes are higher than buying volumes.
In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
Day Ahead And Tomorrow
Currently, the price is below the second Fibonacci pivot point of $73.14. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $59.68, $56.41, and $53.69 respectively.
However, if the bulls get active again, the price will have to break out of its immediate resistance level which is at $73.14. A breakout from this level will highlight the next resistance level at $83. Traders can take a long position, by placing a stop loss at $70.26.