FTT Price Drama Unfolds: FTX Rally Encore or the Final Act

Key Takeaways
  • FTT price experienced a significant drop in market value following a false breakout trend.
  • In line with the overall rising wedge trend, FTT witnessed a 37% decline last week.
  • If Bears successfully close below the 50-day EM, FTT's price may encounter panic selling amid the prevailing downtrend.
18-12-2023 By: Lokesh Gupta
FTT Price Drama Unfolds: FTX Rally Encore or the Final Act

FTT dropped below $4 support, suggesting a possible fall below $2.75.

  • According to Coingabbar Technical Analysis, Bears took control of FTT's price, causing a red week and a crash at the $6.06 overhead resistance

  • FTT trapped bulls with a fakeout rally in a rising wedge pattern, breaking the streak of higher-low formations and increasing the likelihood of a prolonged correction for FTX.

  • A 37% downfall last week led to multiple bearish candles breaching below the $4 mark, indicating a sharp increase in selling pressure.

  • Breaking below the support trendline of the rising wedge, the fakeout gained momentum and breached the 50-day EMA.

  • According to Fibonacci retracement levels, the correction trades between 38.20% and 50%, with a demand dominant zone near the 50% level at $3.28, suggesting minimal chances of further correction.

  • However, increased selling could lead to a retest of the 61.80% level at $2.74 or even $1.97 at 78.60%.

KEY LEVELS :

RESISTANCE LEVEL : $3.70-$4.10

SUPPORT LEVEL : $3.00-$2.75

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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