Few cryptocurrencies have seen a brief recovery like FTT in the past 24 hours, and FTT currently leads the market with a 10% daily gain. Its bullish trajectory remains intact, but it has yet to resume daily gains.
The price dropped to $4.4 at the beginning of the month, causing bulls to suffer a major setback in the past two weeks, with the price dropping to $2.5 on Thursday. The pair temporarily held this price level as support and subsequently rebounded slightly.
So far, the price has remained strong despite encountering resistance at the $3 level in the past few hours. A daily close above this key level could spark a fresh rise that could get the bulls back on track. This should trigger a breakout from the bearish pattern on the hourly chart.
If this happens, FTT could bounce back above the rejection level at the beginning of the month in the coming week. Otherwise, it could continue to maintain its bearish formation, a lower lows and lower highs pattern, until it finds a solid level.
On the daily chart, the $1.5 level is seen as a key support for a broader recovery. If the price breaks below this level, the bias will turn bearish in the short term before a full recovery. But judging by the current price action, FTT is likely to resume bullish momentum soon.
Key FTT levels to watch
If the price closes above $3 this week, the main resistance for the bulls is $3.4 and the monthly high at $4.4. A break above this high could propel the price towards $5 and $6 in the future.
The $2.5 level remains as a support. A break below this level could drop the price to $2.12. If the price declines, support is at $1.72.
Key resistance levels: $3.4, $4.4, $6
Key Support Levels: $2.5, $2.12, $1.72
Spot Price: $2.95
Trend: Bearish
Volatility: High
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