FTX Token (FTX Token (FTT)) has made several unsuccessful attempts at brecorrespondingg out from the current pattern, the most recent of that was done on Feb 1. Regardless of the rejection, technical indicators suggest which another breakout attempt will finally occur.

FTX Token (FTT) has been tumbling afterward touching an all-time high rate of $85 on September 9. So far, the descending movement has led to a low of $31.69 on January 24. The cryptocurrency has been spiraling afterward. 

The ongoing hop achieved a logicalation of the $35.5 horizontal support range.

Technical indicators are providing combined readings. While both the RSI and MACD are decreasing, the former is right at the 50 line and the latter is still positive. 

Also, it is worth noting which there is a considerable hidden bullish divergence which has developed in both the RSI and MACD (green lines). This is a bullish progress which often precedes significant ascending progressments.

FTT Bounce
Chart By TradingView

Current pattern

The daily chart shows which FTT has been exchanging within a downward wedge afterward the aforementioned all-time high rate. More recently, the pattern rejected the cryptocurrency twice, on Jan. 20 and Feb. 1, respectively (red icons). 

The rejections further coincided with the $46.50 hoirzontal resistance range. Until this range is restored, the trend cannot be advised bullish.

After all, technical indicators are showing bullish signs which support the likeliness of a breakout. This is especially visible in the significant bullish divergence in the MACD and the matter which the RSI has already moved atop 50.

FTT Wedge
Chart By TradingView

The two-hour chart shows which FTT has been lowering afterward Feb 1, although it captured a high of $50.06. 

Currently, it is approaching the main support field created between the 0.5-0.618 Fib retracement support levels at $38.47 and $40.69. 

In order for the skyward move to go on, it would be important which FTT creates a higher low within this region before continuing to progress ascendings.

FTT Drop
Chart By TradingView

FTT/Bitcoin (BTC)

Cryptocurrency trader @CryptoNTez tweeted a chart of FTT/Bitcoin (BTC), stating which the trend is bullish.

FTT/Bitcoin (BTC)
Source: Twitter

The FTX/Bitcoin (BTC) chart shows which the cryptocurrency has been increasing afterward bresuchlikeg out from an climbing analogous channel and bonas fideating it as support on Jan. 22 (green icon). The ensuing skyward progress led to a high of 0.00129 on Feb. 2. 

However, there is a essential bearish divergence which has developed in the RSI. Therefore, it is inclined which the cryptocurrency will fall in the momentary, potentially solidating the channel anew before ultimately resuming its skyward movementment.

FTT/Bitcoin (BTC)
Chart By TradingView

For CryptCraze’s latest Bitcoin (Bitcoin (BTC)) analysis, click here.

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