Current Price: $2.9760 (-0.23%)
Recent High: $3.34 | 24H Low: $2.5356
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Technical Overview
The FTT/USDT pair is currently trading within a descending triangle pattern, a formation that typically signals a potential breakout or continuation of the prevailing trend. Below are the key developments:
1. Triangle Pattern Formation:
The upper trendline demonstrates a series of lower highs, reflecting selling pressure.
The lower trendline is holding firm near the $2.75 support zone, acting as a critical level for bulls to defend.
2. Volume Analysis:
24-hour trading volume stands at 79.36M USDT, indicating active market participation.
However, volume is decreasing during each price rebound, hinting at market indecision and a potential breakout scenario.
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Potential Scenarios
1️⃣ Bullish Breakout:
If buying momentum strengthens and the price breaks above the descending trendline (around the $3.10–$3.20 zone), an upward rally could test resistance levels at $3.50–$4.00.
2️⃣ Bearish Breakdown:
If the price falls below the critical support level at $2.75, sellers could push the price lower, with the next downside target near $2.50 or below.
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Key Levels to Watch
Resistance Levels: $3.10, $3.35, $4.00
Support Levels: $2.75, $2.50
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Conclusion
The price action near the $2.75 support and $3.10 resistance will be pivotal in determining the next major move. A confirmed breakout or breakdown, supported by volume, will likely set the direction for the pair.
Recommendation: Monitor price movements and trading volume closely near these levels. Adopting a cautious approach with well-defined stop-loss orders is advised given the potential for significant volatility.
Will $FTT break out to the upside, or
are sellers poised to take control? Share your insights below!
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