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Sanjay Shukla
Nov 10, 2022
by Sanjay Shukla

FTT Technical Analysis: FTX Token Recovers After Massive Fallout

FTT Technical Analysis

Table of contents

  1. FTT Technical Analysis
  2. Technical Indicators
The technical indicators show signs of some relief to the investors as the FTT price signals a bullish reversal with RSI moving between the midline and oversold zone.

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.  

Key Points

  • FTT price actions display bullish reversal with multiple resistance rejections 

  • Bearish breakout signals the start of the recovery phase

  • The intraday trading volume in FTX Token is $1.59 billion 

    • FTT Technical Analysis

    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.

    Technical Indicators

    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.

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    FTT Technical Analysis: FTX Token Recovers After Massive Fallout
    Sanjay Shukla
    Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

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