Following the latest increase, which came after locating support on Wednesday, FTT appears back in an upward range as it aims to retake the weekly high. A flip through it could set the price for a bigger rally.
Late last month, FTT suddenly initiated a surge and exploded to a peak of $3.4 two weeks ago. This price marks the crypto’s highest trading level in eleven months but unfortunately lost steam due to a sharp rejection.
In the mid-week, it located support above $1.7 and quickly recovered to $2.33 – the current weekly high. This high was rejected and the price fell to $1.9. It resurged yesterday to where it is changing hands at $2.17.
A surge through the weekly high could bring trading back above the $3 level in no time. Even if the price surges through this high, FTT must reclaim the last December high before confirming a mid-term rally.
For now, the bulls are in charge in the short term. Failure to push above the mentioned high may result in a small drawdown to retest the $1.5 level before picking up again. The bears are currently off the market. They must pull the price below July’s low to regain control.
FTT Key Levels To Watch
Pushing higher in the coming days, the $3.43 resistance level would be the next target to keep in mind. Above this level lies the $4.5 resistance, with a potential break up to the $6 resistance – December 2023 high.
While the market is currently supported by the $1.77 level, $1.49 is the close level to watch for a pullback. The $1.22 and $1 supports are the next levels to consider if the price breaks down.
Key Resistance Levels: $2.33, $3.43, $4.5
Key Support Levels: $1.49, $1.22, $1
- Spot Price: $2.179
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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