The bearish action in the crypto market has caused top projects like Bitcoin, Ethereum and others to lose momentum. However, FTX is a cryptocurrency that has gained significant speed in a short time. Furthermore, it has secured the position of top gainer in the top 100 with a ~30% jump.
Moreover, with the creditor repayment plan and the auction of Worldcoin tokens, investors are curious about the FTX exchange’s upcoming plan. Moreover, this raises questions such as “Will the FTX price rise again?” and “How high will the FTT price go?” have received a huge search volume.
FTT Crypto Reaches Highest Value in 7 Months!
Defying all odds, the FTX token has continued to gain momentum, adding ~28% to its portfolio over the past day with a trading volume of $86.32 million. Furthermore, the stock has risen 79.33% over the past week, reaching its March peak.
Moreover, the FTT price is up ~95% in the last 30 days. This indicates an increase in bullish sentiment. With a market capitalization of $860.023 million, it has secured the 83rd position on the global cryptocurrency list.
FTX technical analysis
The SMA indicator supports the FTT crypto price chart in the 1D time frame. This indicates an increase in buying-over-selling pressure for the altcoin in the market.
The Relative Strength Index (RSI) continues to hover close to the overbought range. Furthermore, the average trend line supports price development. This suggests that the FTX token will continue to gain value in the near future.
Will the FTT price rise again?
Suppose the bullish sentiment intensifies, in which case the FTX crypto will prepare to test its $2.65 resistance level in the near future. Maintaining the price above that level could set the stage for this crypto to reach its high of $3.25 this month.
On the other hand, if a bearish reversal occurs, the price could retest its USD 2.10 support level. Moreover, under such a situation, if the bears were to overpower the bulls, the FTT coin price could drop to the lower support level of $1.58.
Wondering how far the FTX price could reach by the end of 2024? Read our FTX price forecast for insights!
Credit : coinpedia.org
