- FTX Token price analysis shows FTT at an all-time high of $74.
- strong support present at $60.92 level.
- FTT retraces after swinging as high as $83.
The FTX Token price analysis shows FTT is at an all-time high. At the time of writing, the FTT/USD price is $74.06, while the price swung as high as $83 today. FTT Gained a value of six percent in the last 24 hours, while an increase of 51 percent has been observed during the past week.
Today the FTT/USD pair is trading between $73.1-$74.89. The intraday traders have to be careful enough as FTT is retracing after touching the new record high.
Though most altcoins gained value in the last week, many are on the lose today, whereas FTT is among the several retainers. FTT being the utility token of the FTX cryptocurrency exchange, gained a new high after the news of new acquisitions of assets by FTX surfaced, which triggered the bullish momentum to take the price higher.
FTT/USD 1-day price chart: FTT bulls trigger upswing to gain six percent value
The 1-day FTX Token price analysis reveals Bullish momentum. Support present at $62 seems strong. During the last few days, some bearish activity has also been observed, but the bulls seem to overcome every bearish attempt. Yesterday FTT swiftly crossed the psychological mark of $63 and gained a new record all-time high.
The FTX Token price analysis is showing the volatility is increasing by a considerable margin. The Bollinger bands are expanding, the upper Bollinger band is at the $72.31 mark, and the lower band is at the $37.59 mark.
The Bollinger bands average is $54.9, whereas the moving average (MA) is at the $61.7 mark. Both the averages are below the price level, indicating a bullish sign. Still, the relative strength index is going past the over-bought limit at 71 but flattening up, which indicates cancellation of bullish momentum.
FTT/USD 4-hours analysis: FTT meets resistance as selling pressure intensifies
The 4-hours FTX Token price analysis chart is showing the continuous emergence of red candlesticks. Bears are trying hard to reverse the uptrend of FTT and have gained a good amount of momentum during the past hours. If selling pressure continues, then it may reverse the inclining price trend. Bears have succeeded in bringing the price down from today’s upswing high of the $83 mark and are still on the go.
The moving average (MA) is at the $74.84 mark above the price level, indicating a bearish crossover, whereas the Bollinger bands average is at the $67.7 mark, also below the price level. The volatility is also high as the upper Bollinger band is at the $81.5 mark, and the lower Bollinger band is at the $53.96 mark.
The relative strength index (RSI) has turned down towards the rational range and is at 59.95, still moving further below; this indicates a bearish takeover but may provide space for bulls to push through further in the future.
FTX Token Price Analysis: Conclusion
The 1-day and 4-hour FTX Token price analysis reveals a strong bullish trend though bears are trying to reverse the price trend as selling pressure increases as more and more traders are booking profits after the enormous price spike.
Despite the present dipping of price, the overall trend of price incrementing, which started from the start of this month, is still to go ahead as the news of acquiring assets by the FTX exchange seems to be overpowering every hurdle.
Investors can hope for a reversal of the present bearish free fall and more record highs to come ahead if support proves strong enough and buyers come in at a considerable number.
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