In the past 24 hours, few cryptocurrencies have seen a brief recovery like FTT, which is currently leading the market with a daily increase of 10%. Its bullish trajectory remains intact, but it has not yet restored daily gains.
At the beginning of the month, the price fell to $4.4, causing bulls to face significant setbacks over the past two weeks, with prices dropping to $2.5 on Thursday. The pair temporarily maintained this price level as support, followed by a slight rebound.
So far, despite facing resistance at the $3 level over the past few hours, the price remains strong. A daily close above this key level could trigger a new rally, putting bulls back on track. This should trigger a breakout of the bearish pattern on the hourly chart.
If this occurs, FTT may rebound and break through the rejection level from the beginning of the month within the next week. Otherwise, it may continue to maintain a bearish pattern of lower lows and lower highs until a solid level is found.
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. However, based on the current price action, FTT is likely to regain bullish momentum soon.
Key FTT levels to watch
If the price closes above $3 this week, the main resistance for bulls is $3.4 and the monthly high of $4.4. Breaking this high could push the price up to $5 and $6 in the future.
The $2.5 level remains a support level. A break below this level could see the price drop to $2.12. If the price falls, 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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