After a month of retracement, FTT resumed bullish this month and climbed slowly as demand rose. It currently looks set to break higher amid the latest volatility surge.
FTT outlook is becoming more bullish on the daily chart following this month’s bounce off the $1.5 level, though buying pressure has been low.
However, the last two days have been impressive as volatility increased significantly. The price broke through a minor resistance level to test the $3 level yesterday. Rejecting this key level, the price fell and closed under $2.5. It reiterated buying actions today and pushed back.
Breaking through this key level could fuel a massive surge in volatility, although October resistance might pose a little threat on the way up. Last December’s high is another major resistance to watch for a breakup.
Currently, the bears are off the market. If they find their way back in, the price may pull back briefly to retest the recently broken minor resistance as support before advancing bullish. Considering a bearish move, the price must dip below the current monthly low to validate such a move.
But with the current bullish pattern on the daily chart, the price is more likely to increase in the coming days as demand level continues to rise.
FTT Key Levels To Watch
Source: Tradingview
Right now, the October $3.4 resistance is considered the target level for the bulls. Surpassing it could pave the way for a serious rally to $4.5 and the $6 resistance, marked as resistance last December.
The $2.33 level is considered a close support for a potential pullback. A pullback below it could bring us to minor support of $1.8, followed by the monthly $1.51 low. Below it lies the September $1.22 low.
Key Resistance Levels: $3.4, $4.5, $6
Key Support Levels: $2.33, $1.51, $1.22
- Spot Price: $2.89
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: burdnik/123RF // Image Effects by Colorcinch
