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FTX Token price analysis: Chances of recovery diminish as price touches $51 support

FTX Token price analysis Chances of recovery diminish as price finishes near support

TL;DR Breakdown

  • FTX Token price analysis the bears are getting stronger as per analysis.
  • Price has dropped down to the $51 level.
  • Support might go lower than $50.2.

The FTX Token price analysis is showing that the price is covering downward movement once again. The bulls have failed to survive the bearish pressure and the price has declined for today as well.

The bearish momentum has been huge as it has impacted the overall price value quite negatively. There is a prominent chance of the price going below the $50.2 level which might result in a new support level.

FTT/USD 1-day price chart: Bearish march continues as price devaluates further

The 1-day FTX Token price analysis is predicting that further loss in price is to be expected in the coming week. That is because the price has undergone depreciation even today which has brought its level down towards $51.

This has brought considerable damage to the overall market value of FTT/USD. The moving average (MA) is still positioned at a safer level i.e. $58 as there has been bullish activity during the last week as well.

FTX Token price analysis: Chances of recovery diminish as price touches $51 support 1
FTT/USD 1-day price chart. Source: TradingView

The volatility has decreased during the day which is why the Bollinger bands indicator is at an average of $65.5. The upper Bollinger band has now moved towards the $82.3 value and the lower Bollinger band is also at the $49 value. As the price has devalued today, the Relative Strength Index (RSI) score has also moved down to 41.

FTX Token price analysis: Cryptocurrency risks further loss as price remains delimitated

The 4-hours FTX Token price analysis is going towards the bearish direction as the downtrend has followed today as well. The price is moving down because the bearish momentum is intensifying with every hour.

Right now, it is found at the $51 position and is expected to go down towards an even lower level soon. The moving average value is 56 for the 1-day price chart because there have been bullish interferences as well.

FTX Token price analysis: Chances of recovery diminish as price touches $51 support 2
FTT/USD 4-hours price chart. Source: TradingView

The volatility has increased during the past few hours which is the Bollinger band value have been readjusted. The upper Bollinger band is showing the $60.35 value whereas the lower Bollinger band is showing a $50.2 value at the time of writing. The RSI score is going average as it has gone down to 41 during the day.

FTX Token price analysis: Chances of recovery diminish as price touches $51 support 3
FTT/USD technical indicators chart. Source: TradingView

The following technical indicators chart for FTX Token is going towards the bearish direction because of the decrease in price. There is a selling signal for the day because 12 indicators are on the selling mark, which leaves 10 indicators on the neutral and four on the buying positions.

The moving averages indicator is also predicting the same as the selling activity has been high during the day. There are 10 indicators resting on the selling position, with only four indicators on the buying and one on the neutral positions. The Oscillators are giving a bearish hint as well as we can see nine oscillators standing on the neutral position, whilst two are on the selling and zero on the buying positions.

FTX Token price analysis conclusion

From the given 1-day and 4-hours FTX Token price analysis, it can be confirmed that the bears have been succeeding so far in ruling the market. The price has gone down to $51 today, which is a huge loss for the cryptocurrency. Chances of recovery are minimal for the buyers as the price has gone critically close to the support level present at the $50.2 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Arnold Kirimi

Arnold Kirimi

Arnold is a crypto and blockchain enthusiast. A communications expert with interest in hard-hitting journalism, he is always on the hunt for the latest events in the cryptocurrency world. He is inspired by what Bill Gates said, “Bitcoin is a technological tour de force.”

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