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- FTX token surpassed the crucial 200-day EMA mark and set for a rally.
- A break above the $3 level could trigger a rally to the $4 mark ahead.
FTX token (FTT) has recently undergone a sharp speculative move. This move was in response to false rumors about a potential repayment of $16 Billion to creditors.
The move started on September 28, and FTT soared by more than 70% that day, which triggered a massive range breakout. However, it later fell to a significant level after the clarification by the officials.
The representative of FTX, in a statement, shut down the false rumor. He said that the hearing of the repayment plan is scheduled for October 7.
FTT crypto remained volatile throughout the week, and sharp speculative moves were observed. However, the recent surge indicated that many investors were willing to take advantage of the price rise.
The sudden rise in FTX price was driven by rumors circulating on social media. This led to the sellers being trapped. The ongoing price action signaled a next bullish leg ahead. FTT crypto could see a $3 level breakout shortly.
FTX Price Prediction: Analyzing Market Sentiment
FTX token daily chart setup represents a five-month range breakout and signals a further bullish rally next. Meanwhile, the bull army is challenged to push the FTX price above the 200-day EMA level for a breakthrough.
A daily close above the $3 resistance mark would validate the breakout. It could send FTX price toward the $4 mark in the following sessions.
FTX Price by TradingView.com
On X, @#crypto shared a post highlighting that the FTT crypto price could rise in the short term. This could happen as it moves out of the triangle pattern.
Most technical indicators conveyed a long-term trend reversal alongside the recent price rise. The Relative Strength Index (RSI) spiked to the overbought zone, representing the heightened buying momentum.
Similarly, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram readings conveying bullish cues.
However, next week’s planned hearing caused investors to book partial profits. This resulted in a significant drop this week.
At press time, FTX crypto traded at $2.37 with a massive intraday surge of over 15%. This sharp surge represents the speculative move that investors were willing to ride the breakout move earlier.
What Do Futures Market Data Say About FTX Crypto?
Fueled by the rising investor optimism, demand for long positions has risen, evidenced by the positive funding rates. At press time, the OI-weighted funding rate was noted at 0.0416%.
Similarly, the Open Interest (OI) has risen over 7.48% to $1.18 Million over the past 24 hours. This conveyed a long buildup activity.
On the upside, if the buying momentum extends, the altcoin could revisit the $3 mark. Successful closing above the $3 mark could send FTX price toward the $3.40 mark ahead.
A dip below the $2.00 mark would invalidate the bullish guidance. It could retrace toward the 20-day EMA region, around the $1.60 mark in the coming sessions.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
