The FTX token (FTT) has failed to break out of the current pattern on multiple occasions, most recently on February 1st.

recreation

FTT has been down since hitting an all-time high of $85 on September 9th. So far, the downtrend has led to a low of $31.69 on Jan. 24. Since then, the token has increased.

The current upleg has confirmed the $35.5 horizontal zone as support.

Technical indicators are giving mixed signals. While both the RSI and MACD are down, the former is right at the 50 line and the latter is in positive territory.

Also, it should be noted that potentially significant bullish divergence has been developing on both the RSI and MACD (green line). This is a bullish development that usually precedes bullish moves.

Weekly FTT/USDT Chart | Source: TradingView

current model

The daily chart shows that FTT has been trading within a descending wedge since the all-time high mentioned above. More recently, the model has rejected the token twice, on January 20 and February 1 (red icon).

The rejection also coincided with the $46.50 horizontal resistance area. Until this zone is restored, the trend cannot be considered bullish.

However, technical indicators are showing bullish signals supporting a breakout. This is particularly evident in the significant bullish divergence on the MACD and the fact that the RSI has surged above 50.

Daily FTT/USDT Chart | Source: TradingView

The two-hour chart shows that the FTT has been falling since February 1 when it peaked at $50.06.

It is currently approaching the key support area created between the 0.5-0.618 Fib retracement support levels at $38.47 – $40.69.

For the uptrend to continue, it is important for the FTT to make a higher low within this zone.

FTT/USDT 2 hour chart | Source: TradingView

FTT/BTC

Trader @CryptoNTez tweeted a chart of FTT/BTC and said the trend is bullish.

FTX/BTC chart shows that the pair has recovered since breaking out of the ascending parallel channel and confirmed as support on Jan 22 (green symbol). Subsequent upward movement led to a high of 0.00129 on February 2nd.

However, a significant bearish divergence has formed on the RSI. Therefore, it is possible for the token to fall in the short term and possibly re-validate the channel before finally resuming its upward movement.

Daily FTT/USDT Chart | Source: TradingView

You can see the FTT prices here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to beincrypto