1. Relative Strength Index (RSI):
By analyzing the Relative Strength Index (RSI) of FTT, we find that this indicator exceeds 70, which indicates that the coin may enter the “overbought” zone. Usually, when the RSI reaches this level, it may mean a possible correction or a slight decline in the near term as a result of profit-taking operations. If the indicator returns to levels between 50 and 60, this may indicate stability, while its decline below 40 may mean that the coin has entered the “oversold” zone.
2. Moving Averages:
- 50-day moving average (MA50): Shows continued positive momentum above the average, indicating that the overall trend is bullish. The current price is above the 50-day moving average, supporting continued growth in the near term.
- 200-day moving average (MA200): MA200 is a long-term reference. Since the price is far from this average, the uptrend is continuing strongly.
3. Fibonacci Retracement:
Based on the Fibonacci analysis tool, the next strong resistance level is around $85, a target that can be reached if the price continues its current growth. Support levels are around $61 and $52, which could form retest areas in case of a correction.
4. Volume Analysis:
An increase in daily trading volume indicates that there is strong interest in the currency, which usually reinforces the upward movement. However, any sudden decrease in trading volume should be monitored as it may be an indication of weakening momentum.
### Factors affecting the continuity of the rise:
Supporting factors:
- Expansion of the FTX network: The acquisition of LedgerX has strengthened the platform and increased the demand for FTT【7†source】.
- High momentum in futures: The increase in Bitcoin futures on the FTX platform indirectly boosts the value of FTT【8†source】.
Risk factors:
- Legal Challenges: Tax disputes with the IRS could negatively impact investor confidence and cause a decline in demand for the currency【9†source】.
- Market volatility: Cryptocurrencies are always subject to unexpected fluctuations, which can lead to sudden price drops.
### Conclusion:
Technically, indicators suggest that FTT is still in a strong growth phase, but caution should be exercised for possible short-term corrections. Monitoring the RSI, support and resistance levels, and trading volume will be key to determining the future direction. If the coin manages to break the $85 resistance, we may see continued growth, but any dip below $61 could signal a deeper correction.
