With the announcement of the FTX repayment plan, the native token 'FTT' of this bankrupt cryptocurrency exchange has experienced a strong bullish rebound and is set to hit a new 52-week high in the near future.
In the current market sentiment, is FTX a good buy point in this cryptocurrency bull market? In this article, CoinPedia's expert panel reveals the potential short-term price analysis for the FTX token.
FTT price records a bullish reversal!
With the continued rise of the cryptocurrency market, the FTX token is moving towards the goal of setting a new 52-week high. This indicates that this altcoin will make a strong comeback this year. Notably, it has surged about 125% from its low in July.
The Simple Moving Average (SMA) continuously provides support for the FTT price chart within the daily timeframe. This indicates a positive outlook for the altcoin in the near future.
Additionally, the Relative Strength Index (RSI) is trending towards the overbought range, with its average trend line showing positive momentum. This suggests that the FTX token may continue to appreciate this week.
Will the FTT price reach $5 this year?
If the FTX price breaks through its resistance level of $2.65, bulls will maintain a bullish sentiment and prepare to test the resistance level above at $3.25. Maintaining this price level will lay the groundwork for its upward price target of $4.
Conversely, if the trend reverses, the FTT token price will retest its support trend line at $2. Additionally, if the bulls fail to regain momentum at this point, it could lead the altcoin to retest its lower support level at $1.60.