Bearish price sentiment continues to rise in the cryptocurrency industry as top altcoins struggle to break through important resistance levels.
However, mid-cap and low-cap altcoins have recorded positive price action, which highlights the shift in investor interest in these altcoins. On the other hand, FTX Token has also shown a strong bullish reversal, with its price rising by about 40% in the past 24 hours and 29.68% in the past month.
FTX Token shows a bullish reversal in its chart:
Since the beginning of the year, the FTT price has shown a bearish price trend. By mid-April, the FTT price had dropped by 65.33% from $3.058 to $1.060.
However, this week the price regained momentum and experienced a bullish reversal amidst increased market volatility. The Moving Average Convergence Divergence (MACD) is showing a constant green histogram in the chart, indicating increased buying pressure in the cryptocurrency space. The moving averages are showing a bullish pattern, suggesting that the price will continue to appreciate in the coming period.
Will FTT rise again?
If the bulls continue to gain momentum, the FTT price will test its resistance at $2.4675. Sustaining the price at this level will set the stage for FTT to attempt to test its upper resistance at $3.280 in the next two weeks. However,
If there is a bearish trend reversal, the price will lose momentum and could drop to test the $1.5775 support. If the bears continue to dominate the market, a drop towards the critical support of $1.060 will be on the cards this month.
However, it is worth noting that the positive price action in mid- and low-cap altcoins and the bullish reversal in FTX Token suggest that things are changing in the market. Despite the uncertainty in the short term, the long-term trend appears to be bullish.
Participants should continue to pay attention to market dynamics and carefully evaluate opportunities and risks. Before deciding to invest, they should conduct sufficient research and understand the relevant risk factors.
(Personal opinion, not a recommendation)
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