Market Analysis

FTX TOKEN PRICE ANALYSIS & PREDICTION (February 3) – FTT Bounces After Retesting A Key Level, Reaching Exhaustion Point?

FTT bounced off a key price level yesterday after retesting it as support. It has provided another big opportunity for a long-term buy after falling to its lowest price level in two months. The trend is likely to reverse soon.

Following several drops in the past seven weeks, FTT extended bearish this week and crashed to $1.4 yesterday – marking its lowest price level in two months. 

Meanwhile, this price level served as a retest pattern of last November’s breakout. After the retest, it saw a sharp rejection and recovered fast to $2.1. It retraced from there and now trades at around $1.85. 

Now that a break and retest pattern is made, we can expect a reversal any moment from now. Although there’s still room for more losses if the price drops again. $1 is the key price level to watch for such a move. 

But looking at the current setup, the price has reached an extremely oversold area from a technical standpoint. A strong recovery from this low could bring the bulls back into the market with a double-bottom formation. A surge above $6 could result in a complete reversal. 

Despite the overnight recovery, it is still within a buying range, providing a big discount for long-term gain. however, it is still looking for a solid ground level to resume buying at full speed.

FTT Key Levels To Watch

Source: Tradingview

If the price increases above $2, it may encounter resistance at $2.33 before rising back to the $3.25 resistance level. There’s also resistance at $4.5 if all these levels get flipped. 

FTT has bounced off a weekly low of $1.4, which currently serves as support. A slide below this support could bring the price lower to $1 and $0.93, marked as its lowest level in a year.

Key Resistance Levels: $2.33, $3.25, $4.5

Key Support Levels:  $1.45, $1, $0.93

  • Spot Price: $1.85
  • 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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