FTT coin price struggles to surpass the resistance trendline and falls back under the 200-day EMA. Will this retracement hit $40? 

Key technical points:
<ul>
 	<li style="font-weight: 400">FTT coin price struggles to sustain above the $40 mark.</li>
 	<li style="font-weight: 400">In addition, the RSI slope maintains in the nearly overbought zone.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of FTX is $69 Million, marking a 12% fall. </li>
</ul>
<h2>Past Performance of FTT</h2>
FTT coin price shows multiple failed bullish attempts to sustain above the 200-day EMA  generating a resistance trendline. The recent bullish growth of 13% with the double bottom breakout formed at the $40 mark fails to surpass the sellers at the trendline. The retracing trend shows a downfall of 2%, with a morning star pattern reflecting a high possibility of a trend reversal. 

 <img src="https://s3.tradingview.com/snapshots/e/efUxEVL5.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/efUxEVL5/">Tradingview</a>
<h2>FTT Technical Analysis </h2>
FTT coin price shows the downfall taking the shape of a descending triangle with the base at $40. Therefore, a trend reversal can reach the bottom and account for a 10% fall. However, safe traders can wait for the 50-day EMA fallout for a better entry opportunity.

The crucial EMAs (50, 100, and 200) maintain a bearish alignment, but the lack of spread indicates the possibility of a reversal if the buying pressure grows. Moreover, the falling price break the 200-day EMA and heads lower to the 50-day EMA.

RSI Indicator: The RSI slope shows an uptrend in action with the correction sustaining in the nearly overbought zone. Furthermore, the 14-day SMA maintains a parabolic growth to reach 50%.

MACD Indicator: The MACD and signal lines surpass the zero line, but the stagnancy reflects the possibility of a bearish crossover. Furthermore, the falling trend in bullish histograms projects the fall in buying pressure.

In a nutshell, the FTT technical analysis projects the possibility of a reversal to the $40 mark within the triangle pattern.
<h2>Upcoming Trend </h2>
FTT coin price shows the uptrend succumbing under the formidable selling pressure met at the resistance trendline. Hence, the upcoming trend projects the possibility of a reversal within the triangle to the $40 base. 

However, closing above the trendline will nullify the bullish theory and result in a price jump to the $50 mark.

Support Levels: $40 and $35

Resistance Levels: $45 and $50

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FTT Technical Analysis: Trendline Brings Reversal in Triangle

FTT coin price struggles to surpass the resistance trendline and falls back under the 200-day EMA. Will this retracement hit $40?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

FTT Technical Analysis: Trendline Brings Reversal in Triangle

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