Few cryptocurrencies have recovered briefly in the last 24 hours along with FTT, which is currently leading the party with a daily 10% gain. Its bullish trajectory remains intact but is yet to regain momentum daily.
The early month rejection at $4.4 has caused a notable setback for the bulls in the past two weeks as the price dropped to $2.5 on Thursdays. It temporarily held this price level as support and slightly bounced off.
Up until now, the price has remained strong despite facing rejection at the $3 level in the past hours. A daily close above this key level could trigger a fresh increase capable of bringing the bulls back on track. This should activate a break out of the bearish formation on the hourly chart.
If that happens, FTT could rally pass the early month rejected level in the coming week. Otherwise, it may continue to maintain the bearish formation, a lower low and lower high pattern, until it finds a solid level.
The $1.5 level is considered a key support for a broader recovery on the daily chart. If the price drops well below this level, the bias would turn bearish in the short term before gaining a full recovery. But with the current price actions, FTT will likely resume bullish anytime soon.
FTT Key Levels To Watch
Source: Tradingview
If the price manages to close this week above $3, the primary resistance level for the bulls is $3.4 along with the monthly $4.4 high. Breaking out of this high could rally the price to $5 and $6 in the future.
The $2.5 level is still standing as support. A breakdown from there could slip the price to $2.12. There’s also support at $1.72 if the price dips.
Key Resistance Levels: $3.4, $4.4, $6
Key Support Levels: $2.5, $2.12, $1.72
- Spot Price: $2.95
- Trend: Bearish
- Volatility: High
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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