After one of the world's largest crypto exchanges, Binance backtracked from the deal to acquire FTX on Wednesday, FTT price fell over 50% in the last 24 hours. With a 24-hour high of $5.56, the coin plummeted to a 24-hour low of $2.0. Over the past few days, the coin has fallen over 91.14% in the past 7 days due to controversy surrounding FTX as Binance announced to liquidate its all holdings after the revelation that a trading firm founded by Bankman-Fried, Alameda Research held a significant amount of FTT tokens. As soon as the news of the Binance-FTX failed deal broke, the entire crypto crashed with all the major coins dropping significantly.
Source Tradingview
FTT has been in decline since last week when the news about Alameda Research holding FTT hit the limelight. But it witnessed a dramatic fall on November 8, after Binance announced to liquidate all its holdings, sending shockwaves throughout the industry. After the price consolidated at 23.6% Fibonacci retracement, it showed a bullish reversal moving beyond 78.6%. The resistance trendline breaking resistance level signals a bullish reversal pattern in the market. The 200-day SMA supports the uptrend after touching the price line at $1.949.
RSI has been fluctuating as it spiked to move from the oversold zone to the overbought zone before making a sideways at around 60%. MACD makes a double bearish crossover as the histogram turns negative, indicating some signs of price recovery.
The technical indicators highlight buying opportunities as FTT enters in a recovery phase with a bullish reversal already on the way.