FTX Token Price Analysis: FTT drops below the support at $60, what’s next?

FTX Token Price Analysis

TL;DR Breakdown

  • FTX token price analysis today reveals a bearish movement.
  • The price is currently trading on Binance at $55.68.
  • The nearest support for cryptocurrency rests at $48.
  • If this support breaks, the next support is at the $44 price level.
  • The resistance is at $68, and another at $77 price levels.

FTX token price analysis has seen a lot of internet searches after the cryptocurrency surged from $44 on September 1st to $85.02 on September 9th. This nearly doubled the money that investors had put in the FTT/USDT trading pair. For today, we are witnessing bearish outcomes for the trading pair because Bitcoin has fallen by over 6% percent and is below the support at $44.7. This massive drop in Bitcoin has instilled fear in the hearts of investors, but this is the price that people pay for considerable gains in the crypto land.

According to the data provided by Coinmarketcap, the FTX token is currently trading 34.58% below its all-time high formed on September 9th. After reaching such highs, the cryptocurrency was unable to maintain this price level. Currently, the coin’s trading volume has surged by over 19.30%, while the market cap has dropped by over 12.11%. The bulls have yet to take charge of the price action, and the bears prevail.

In today’s FTX token price analysis, we will try and look at the future price possibilities for the FTT/USDT pair. We will be using the most popular technical analysis tools like the key Moving Averages and the Bollinger Bands for proper and accurate prediction. According to Wallet Investor, the price of the FTT/USDT tokens will reach 62.829 USD in the short term.

FTX Token price analysis: Technical indicators are now turning bearish

The FTX token price analysis is now turning bearish as the FTT/USDT pair is about to lose the key Moving Averages. Well, considering the consecutive bearish red candles, we can see that the price has just reached the 50-day Moving Average. Since the coin has breached the support at $60, we can expect the cryptocurrency to lose the 50-day Moving Average. If this happens, we might see the bulls fighting the bears to keep the 100-day Moving Average.

The FTX token price analysis shows that the price movement can break out of the lower end of the Bollinger Bands in all possibilities, lose the 100-day Moving Average as well. A few days ago, the price movement failed to break out of the upper end of the Bollinger Bands, and as a result, we can see a bearish trend on the 4-hour chart below.

FTX token price analysis
FTX token price analysis on the chart by TradingView

The FTT/USDT 4-hour chart below shows that the RSI or the Relative Strength Index of the trading pair is just above the value of 40. It is also obvious that the gradient of the RSI line is negative, i.e., it seems highly unlikely for bulls to take control of the movement in the short term. The buying pressure is lesser than the selling pressure, and the market will remain bearish today.

Looking at the MACD indicator in the 4-hour chart below, we can see that the MACD or the blue line has fallen below the signal or the orange line. This indicates a bearish crossover in the short term, leading to a decline in prices and forming red bars in the histogram. This situation is visible in the 4-hour chart below.

FTX Token Price Analysis: FTT drops below the support at $60, what's next? 1
FTX token price analysis on the chart by TradingView

FTX token price analysis: Conclusion

The FTX token price analysis can be concluded on a bearish note, and the cryptocurrency can fall further. On the other hand, Bitcoin is struggling at $44.7K, and a retracement towards $42K-$43K is possible. In this case, we might see FTT/USDT drop further.

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.

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