FTX Token on the Rise: How Technical Trends Forecast Further Gains

The #FTX Token price has seen a notable fluctuation in its recent trading sessions on the 4-hour chart. The crypto opened at a price of $1.629, followed by gradual increases to $1.6597 and a spike to $1.9421. It reached a peak at $2.0253 before slightly retracing to $1.9288. The significant increase in volumes, with a peak at approximately 17.184 million units, aligns with this upward movement, indicating a strong buyer presence during the breakout above $1.9421.

The 9 EMA and 20 EMA have consistently trended upward, with the 9 EMA at $1.7827 most recently surpassing the 20 EMA at $1.6699, which suggests a bullish market in the short term. The Moving Average Convergence Divergence (MACD) further supports this outlook, as the MACD line at 0.1046 is above the signal line at 0.0620, enhancing the bullish sentiment with a positive histogram value of 0.0426.

Moreover, the Relative Strength Index (RSI) positioned at 71.87, though slightly lower than its previous high of 82.79, remains in the overbought territory. This reflects strong buying momentum, albeit with caution due to potential overvaluation.

$FTT now faces immediate resistance at $1.9476, with further hurdles at $2.0085 and $2.0953. Breaking past these levels could signify continued bullish momentum, potentially challenging the recent high of $2.0253. Conversely, support levels are found at $1.9118, $1.8894, and $1.88. These marks could serve as critical cushions should the pair experience a reversal, with $1.88 as a strong psychological and technical support level. #write2earn🌐💹 #TrendingPredictions #BullorBear
The full analysis and trading strategy were originally posted on ecoinimist.com.