- FTX coin price forms a strong bearish candle after a small uptrend. It might reach $25 before reversing its trend.
- Technical indicators for the FTX token price suggests a downtrend for upcoming days. In contrast, FTT/BTC pair is seeing a gain of 1.59% in the intraday session.
FTT coin is currently ranked 33rd in the CMC with a market capitalization of $9,689,759,320. The volume of FTT coin has seen a decrease of 50% in the past 24 hours. The volume to market capitalization ratio of the coin suggests an uptrend in price.
Why Invest In FTT Coin?
FTT coin is currently trading near the value of $28, with an intraday loss of more than 5%. Thecoin is the native cryptocurrency of the crypto derivatives trading platform FTX, which came into existence in MAY 2019. The team behind the FTT has some of the largest crypto traders from the past few years. They have found some issues with current crypto exchanges and decided to launch their own. FTT exchange’s most prominent feature is its leveraged tokens, which allows traders to put leveraged positions without ever needing to trade on margin. FTT coin price is currently in a slump but can soon see an uptrend. One can take a position in FTX as per their risk capacity.
Technical Indicators Of The FTT Coin Hints Towards A Correction
The bears are creating a trap for FTX token on the weekly technical chart. The daily chart of the price suggests a correction for upcoming days. The price of the asset is trading above the 50 and below 100 Daily Moving Average. There has also been a negative crossover on the DMA in the past. The 50 EMA (RED) line is currently near the value of $27 making it a temporary bounceback region for the price. FTX token price can face resistance near the value of $50. Meanwhile, support in the price can be seen near $20, while going down. FTT/BTC pair is also observing a weak bullish momentum and can soon break out the previous resistance
RSI ( Neutral): RSI for the asset price is showing consolidated momentum with a small negative slope. It is currently at the value of 50 highlighting its presence in the overbought zone.
Conclusion
FTT coin price has remained profitable to its investors in the past and can do the same in the future. The price is currently seeing a small downside correction but can soon revert back to the normal.
Technical Levels
Major Support:$20
Major Resistance:$50