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đ FTT/USDT: A Key Breakout and Trend Reversal?
Analyzing the daily chart for FTT/USDT, we see some interesting developments that traders should pay attention to:
1ïžâŁ Support Zone Holding Firm:
The highlighted blue zone around $0.97â$1.00 acted as a strong support area for months, absorbing selling pressure. This level has been retested multiple times, confirming its significance.
2ïžâŁ Descending Trendline Broken:
After months of trading within a descending channel, FTT recently broke above a key downward trendline. This breakout signals a potential reversal from the long-term bearish trend.
3ïžâŁ Volume Surge:
The breakout is accompanied by a noticeable increase in trading volume, which validates the strength of the upward move. Today's price action has seen a significant gain of +22.62%, with FTT trading at $2.55.
4ïžâŁ Resistance Levels Ahead:
While the current rally is promising, the next resistance lies near the $3.05â$3.50 range. A close above this level could open the doors for further bullish momentum.
5ïžâŁ Bullish Continuation or Rejection?
If the price holds above the broken trendline and the support zone, the bulls may maintain control. However, traders should remain cautious of a possible pullback to retest the $1.50â$2.00 area before another leg up.
đš Key Takeaways:
Monitor price action near $3.05 for potential rejection or breakout confirmation.
Volume and daily candle close are critical for confirming the strength of this trend shift.
Always manage risk, as crypto markets can be highly volatile.
What are your thoughts on FTTâs recent breakout? Is this the beginning of a new bullish trend or just a short-term move? Let us know in the comments!
#Crypto #FTT #Trading #TechnicalAnalysis #Breakout
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