FTT Technical Analysis: Under Selling Pressure, May Soon Fall Below the Support Level of $27.13

FTT is a native token for a crypto derivatives trading platform, called FTX.  These three reasons make FTX different from other crypto trading platforms: Clawback Prevention, a centralized collateral pool, and universal stablecoin settlement. Let us look at the technical analysis of FTT.

Past Performance

On June 26, 2021, FTX opened at $23.32. On July 02, 2021, FTX closed at $27.32. Thus, in the past week, the FTX price has increased by approximately 17.34%. In the last 24 hours, FTX has traded between $25.36 – $27.40.

https://www.tradingview.com/x/7BnaJOZi/

Day Ahead And Tomorrow

Currently, FTX is trading at $27.18. The price has decreased from the day’s opening price of $27.30. Thus, it seems the selling pressure is high.

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. But, the overall market momentum is bearish. Hence, the FTT price may decline further.

Currently, the RSI indicator is at 42.08%. It has rallied from the 40% mark. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a trend reversal.

The OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the FTX price.

In short, when we look at all three oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

FTT Technical Analysis

Currently, the price is below the second Fibonacci pivot point of $28.54. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $25.33, $21.92, and $17.88, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $28.54. It may soon fall below the support level of $27.13. Thereafter, we have to wait and watch if the price retests and breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.