FTT Technical Analysis: Price Will Soon Surpass the First Resistance Level of $28.99

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FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX. FTX stands out due to such features as clawback prevention, a centralized collateral pool, and universal stablecoin settlement. For clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model.

On existing crypto futures exchanges, the collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet. Let us look at how technical analysis for FTT looks like.

Past Performance

On July 5, 2021, FTT opened at $29.89. It fell to $25.26 by July 6, 2021. During the past few days, the FTT price has soared by approximately 18%. In the last 24 hours, FTT has traded between $25.41 – $28.52.

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Day-Ahead and Tomorrow

Currently, FTT is trading at $29.87. The price has increased from the opening price of $26.66. Thus, the market seems bullish.

The MACD and signal lines are in the positive region. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is positive. Hence, we can expect the FTT price to start rising soon.

The OBV indicator is falling. This implies that selling volumes are higher than buying volumes. The price and OBV indicator are falling. Thus, the bearish trend seems strong currently. Hence. We can expect the price to go down further.

Currently, the RSI indicator is at 71% in the ‘overbought’ region. It is a great time for swing traders to go short. This implies that buying pressures are very high. Hence, the price is poised to move upwards.

FTT Technical Analysis

The price is currently above the Fibonacci pivot point of $29.23. It will soon surpass the first resistance level of $28.99. If the bulls remain strong till day close, then we can expect the price to break out of the subsequent resistance levels of $30.01 and $30.45, respectively.

The price has tested and broken out of the 23.6% FIB retracement level of $28.30. Thus, the uptrend seems strong, and we can expect the bull-run to continue tomorrow as well.

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