FTX Crypto: FTT Token Faces Resistance at 200 EMA
FTX crypto’s FTT token is currently experiencing strong bullish pressure, trading above the 50 and 100-day exponential moving averages (EMA). Despite multiple attempts by sellers, the token has successfully broken above key resistance levels and taken a pullback.
The token is currently trading near the 200 EMA, with a 19% gain in the intraday session. It has a potential upside target of $4.00, but it needs to overcome the bears and surge above the 200-day EMA. A support level at $2.949088 may prevent further downside.
While FTT is slipping from the grip of bears, it needs to show signs of reversal for a confirmed bullish trend. Technical indicators, such as RSI and stochastic RSI oscillators, are nearing the overbought zone, indicating bullish sentiment. Moreover, major EMA lines act as support for FTT.
The token has performed well throughout the year, with positive returns in the year-to-date period and significant gains in the last six months and three months. This consistent bullish trend has not reversed yet.
Technical analysis of FTX crypto’s price in the 1-day time frame shows that it is trading between the 100 and 200-day DMAs, which are not upholding the price trend. The RSI and MACD indicators suggest neutrality for FTT’s price.
In the weekly charts, sellers have been dominant, and FTT has been rejected from the 200 EMA. However, bullish signals in the technical indicators indicate potential upside moves in the coming weeks.
Overall, FTX’s technical oscillators support the bullish trend. The MACD, RSI, and EMAs present neutral signs, suggesting that the uptrend may continue for FTT. The price action reflects a bullish perspective at the moment.
Support and resistance levels for FTT are at $2.73206835 and $6.00196791, respectively.
Disclaimer: This article is for informational purposes only and does not provide financial or investment advice. The author and mentioned individuals are not responsible for any financial loss resulting from investing or trading. Please conduct your own research before making any financial decisions.