FTT Technical Analysis: Falling Channel Breakout Teases 15% Price Jump

Key technical points:

Past Performance of FTT

FTT prices show a sharp fall from the $52 mark in late March, resulting in a downtrend in a falling channel fashion, accounting for a 50% price drop. The downtrend takes support at the $25 mark, which buyers capitalize on to challenge the long-coming resistance trendline. Moreover, the lower price rejection in the previous daily candles hints at a price jump to $30.

Source- Tradingview

FTT Technical Analysis

FTT price action shows a gradual rise in trading volume that takes a bullish side as the lower price rejection projects a refusal to stay lower at $25. Hence, traders can shortly find a bullish entry opportunity as the prices surpass the resistance trendline. The most important daily EMAs (50, 100, 100, and 200-days) continue to fall in a bearish line with the 50-day EMA that provides dynamic resistance. Therefore, the EMAs show the long-running correction phase.

Its MACD, along with the signal line, exhibits an upward trend, with an increase in the buying pressure. It is evident by the increasing trend of bullish histograms. Furthermore, the RSI indicator shows a growing trend and is approaching the halfway point. Additionally, the 14-day SMA mirrors what is happening with the RSI trend and acts as an opportunity for support in the event of a reverse. In a nutshell, the FTT technical analysis projects a high possibility of a bullish breakout of the falling channel.

Upcoming Trend

If the buying pressure grows and breaks above the falling channel, the FTT market value skyrockets to $30, surpassing the overhead barrier to reach the 50-day EMA at $32.50.

Resistance Levels: $30 and $32.50

Support Levels: $20 and $20