FTX Token (FTT) Price Prediction 2022- Will FTT’s Price Hit $84.90 in 2022?
Some major details about FTT Price:
FTX Token (FTT) can as well be used in payment of transaction fees on the FTX exchange. It was co-founded by Sam Bankman-Fried and Gary Wang.
Present and Past Performance of the FTX Token (FTT)
In the past 24-hours, the price of FTX Token (FTT) has increased by 4.43%. FTT is trading at $39.65 at the time of writing. The trading volume of FTT moved from $81,135,956 on May 4th to $82,731,782 at present. This represents a 1.96% increase in volume of trade. Hence, the price increase might be attributed to rising in trading volume.
Within 7 days, the price of FTX Token (FTT) closed at $38.78 on April 298h and closed at $39.56 on May 4th. This represents 2.01% increase. However, the trading volume of FTT increased from $71,311,704 on April 29th to $82,731,782 at present. This represents 16.01% increase.
Comparison of FTX Token (FTT) with Bitcoin (BTC)
Source: https://www.tradingview.com/x/8ubdW38o/
From the chart above, we can observe that the trend pattern of FTT/USDT and BTC/USDT looks similar. However, from data available in CoinGecko, BTC price has increased by 1.1% in the past 7 days while FTT price also increased by 0.2%. This means that FTT is more volatile than BTC, and investors in BTC are safer during a period of a market downtrend.
Price Analysis of FTX Token (FTT) from different indicators
Source: https://www.tradingview.com/x/nhN2kYlh/
The chart above represents the Balance of Power indicator for FTT/USDT on a 1day timeframe. B/P is used to determine the buyer's and sellers pressure. Since the value of the balance of power is 0.36, which means that buyers are having their way since it is above 0. This positive divergence might increase investors' sentiments toward the token, which might reduce its volume in circulation, thereby increasing the price.
Source: https://www.tradingview.com/x/wSrLSlp7/
The chart above shows the 60-MA and 30-MA of FTT/USDT on a 1day timeframe. Both moving averages are above the present candlestick, which indicates that it has a tendency of surging soon. However, long-term investors would benefit since the 30-MA is below the 60-MA.
https://www.tradingview.com/x/CpaTkXFO/
The chart above indicates the Relative Strength Index of FTT/USDT on a 1day chart. RSI is used to show if a trend is in the oversold, weak/neutral, strong, or overbought region. It ranges from 0 to 100. Since the RSI value of FTX Token (FTT) is 45.15, the present trend is neutral since it lies between 30 and 50. This present bullish reversal might be sustained if buyers are in favor of the crypto.
The Present Candlestick Interpretation
Source: https://www.tradingview.com/x/x9Xrbbhn/
From the chart above, the present candlestick seems to be a bullish engulfing candlestick. This is because, the body of the last candlestick that is bullish, has covered the body of its immediate predecessor. Hence, buyers are having their way.
Key Levels Price Prediction for FTX Token (FTT)
Source: https://www.tradingview.com/x/WJxDGkQH/
The chart above represents the resistance and support levels of FTX Token on a 1day timeframe. The following can be deduced:
Market Sentiments for FTX Token (FTT)
Price prediction
According to price prediction, the minimum and maximum prices of FTX Token (FTT) are $57.19 and $66.27 respectively in 2022.
Digital coin price
According to Digitalcoinprice, the minimum and maximum prices of FTX Token (FTT) are $48.37 and $55.74 respectively in 2022.
Our Price Prediction for FTX Token (FTT) in 2022
From the key levels chart above, our minimum price for FTT in 2022 is $22.19 while the maximum price is in the range of $41.11 and $84.90 at the resistance4 level.
Conclusion
At the moment, we can say that FTX Token (FTT) might get bullish soon due to the formation of bullish engulfing candlestick as well as the positive value of the balance of power indicator. Long-term investors would also gain since the 60-MA is above the 30-MA.