The crypto industry continues to record constant price fluctuation, highlighting a mixed sentiment in the cryptocurrency market. Moreover, despite a bullish jump, the FTX token fails to break out, indicating a strong bearish influence in the market.
The FTX token started the year by trading in a closed range between $2.9126 and $3.3957 for a while. As the market volatility grew, the FTT price recorded a correction of over 19% in valuation, after which the price traded in a narrow space between $2.6409 and $2.9126 for a period.
The bulls struggled to hold the price over the support level, but the bears overpowered the bulls, resulting in the token recording a correction of approximately 12% in value. Following this, the price traded sideways for a while, indicating weak buying and selling pressure in the market.
TradingView: FTT/USDT
After multiple attempts, the bulls regained momentum and recorded a jump of 42.6% within the next few days. The FTT token then faced rejection at $3.3957, following which the price traded sideways for over a week.
The market recorded a correction in value, resulting in the FTX token breaking down its support level. Following this, the FTX coin price traded in a consolidated range between $2.3812 and $2.9126 for a brief period.
Recently, the price recorded a massive correction of 35.5% in valuation. Since then, the price has been trading sideways between $1.7049 and $2.0914, indicating a cool-off in the price action.
Will FTX Price Rise Back Up?
The Relative Strength Index (RSI) records a bearish curve, suggesting a higher selling-over-buying pressure in the crypto market. Moreover, the averages show a bearish cross, highlighting a bearish price action for the coin in the coming days.
If the FTX token pushes the price above the resistance level of $2.0914, the bulls will regain momentum and rise to test its upper resistance level of $2.3812. If the market successfully holds the price at that level, it will increase further and prepare to test its resistance level of $2.6409 by the week ahead.
Negatively, if the market fails to break out, the FTX price will start trading under a bearish influence and test its support level of $1.7049. Moreover, if the bears continue holding power over the bulls, it will further fall and prepare to test its crucial support level of $1.4030.
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