After a long crash, FTT found a local bottom earlier this month and recovered to $3 last week. The price dropped and rebounded but has failed to retake the previous price level.

The FUD surrounding the FTX token is still very high considering the collapse and most importantly the fraud charge against the former founder and CEO – SBF case, which started in August 2022.

While most traders and investors have lost interest in the asset, it bounced back above $1 and returned a massive gain over the past weeks. The price is still up by 30% today despite yesterday’s rejection at $2.63. 

Following this rejection, it has remained in the middle of consolidation for the past hours with the current price at $2.26. It could tap more gains if the buyers can push higher. But if the buying volume drops, we may see another lower correction.

Whichever, the trend looks bullish on the 4-hour time frame. as long as the price of FTT remains above $1, we can expect more bullish actions to occur in the future. Losing the recent local bottom of $0.8 could cause the cryptocurrency to resume its long bearish actions.

FTT Key Levels To Watch

Source: Tradingview

FTT is looking calm and indecisive over the past 24 hours. If the price drops and looks for another rebound level, the closest support to keep in mind is $1.9 and perhaps $1.673. The support level to watch beneath them is $1.46, followed by $1.215 respectively. 

Yesterday’s rejection level is now considered a resistance level. If the buyers can push above this resistance, it is likely to reclaim the $3 level before surging higher. From here, the price target to watch out for is 3.3.

Key Resistance Levels: $2.63, $3, $3.3

Key Support Levels: $1.9, $1.673, $1.46

  • Spot Price: $2.3
  • Trend: Bullish
  • Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: burdnik/123RF // Image Effects by Colorcinch

Michael is a professional trader and cryptocurrency technical analyst with many years of trading experience. He became passionate about cryptocurrencies and blockchain technology through his sister and has since been following the industry