Home Supporting structure FTX Token Price Analysis: FTX Token price has fallen from the long-term support zone, what should investors do?

FTX Token Price Analysis: FTX Token price has fallen from the long-term support zone, what should investors do?

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  • The price of the FTX token forms a symmetrical triangle on the daily time frame and fell from the long-term demand zone.
  • The token is trading in a narrow range over an hourly time frame.
  • The FTX/BTC pair is trading at 0.0011257 with a 1.07% increase in the digital asset’s market cap over the past 24 hours.

The price of the FTX token is in a strong downtrend, due to the decline in the overall crypto market. The token recently broke out of the demand zone and now it is consolidating. The FTX token was hovering around the $30.00 long-term demand zone before breaking it down. Currently, the token is making higher highs and lows on a daily timeframe and as a result, it has formed a symmetrical triangle pattern. Right now, the token is trading below all vital 50 and 100 MA. The FTX token is currently trading in the lower band of the Bollinger Band indicator after being rejected in the upper band of the Bollinger Band indicator. The token has formed a large bullish candlestick pattern on a daily timeframe in a demand zone, indicating bullish momentum for the days ahead. Investors should remain cautious and put money into the token only after it breaks out of the $30 long-term supply zone. Volumes have been rising over the past few trading days, indicating volatile days ahead.

MACD and Supertrend show neutral signs in the daily timeframe

According to the price action, the price of the FTX token is neutral as the token has broken out of the long-term demand zone. Currently, it forms a symmetrical triangular pattern. Technical parameters suggest the same.

Supertrend: The recent decline in the price of the FTX token led to the Supertrend indicator falling to $57, and the supertrend gave a sell signal. Since then, the token has been in a strong downtrend. The token is currently trading below the supertrend line, acting as resistance. If the token breaks out of the symmetrical triangle pattern, there may be an upward movement in the price of the digital asset. If the token cannot sustain and gives a breakdown of the symmetrical triangle, it may continue the downtrend which may bring the price down to $21.00.

Moving Average Convergence Divergence (Bullish): The MACD indicates an uptrend on the daily time frame as it gave a positive cross. The buyer’s signal line (blue) has crossed the seller’s signal line (orange) on the upside, indicating a possible breakout of the short-term supply zone at $28, which may push the price higher of the token at $35 with strong momentum. Despite the breakdown of the long-term demand zone, the token forms a symmetrical triangle pattern. Investors should wait for the breakout of the pattern and invest accordingly.

The price of the FTX token is trading in a small range on the hourly time frame

The price of the FTX token has been in a downtrend ever since it broke the long-term demand zone. On a daily timeframe, the token shows signs of reversal, but only if the token is still sideways.

Average Directional Movement Index: The ADX has been falling for the past few trading days, and recently it fell below 30 as the token was rejected at $26.00. The ADX curve has recovered slightly, and it is currently trending upwards. This indicates a halt in the downtrend and a possible change in the pattern of price movement.

Relative strength indicator: RSI is trading at 62.55 as the token forms a bullish reversal pattern on a daily time frame. The RSI curve broke through the 50 mark halfway through, and once it gives the breakout of the symmetrical triangle pattern, the token can be seen rising, accordingly, a possible uptrend in the price of the token FTX. The RSI curve also crossed the 14 SMA, supporting the uptrend.

Conclusion

The price of the FTX token, according to the technical parameters, is bullish. The token, after breaking down the long-term support zone forming a symmetrical triangular pattern and breaking up, could lead to a reversal. It remains to be seen on which side the token bursts.

SUPPORT: $21.00 and $20.50

RESISTANCE: $26.00 and $35.00

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.