FTT Technical Analysis - Post-Breakout Rally Soon To Break Above $50

FTT is the cryptocurrency token used by the platform used for trading in cryptocurrency derivatives FTX. FTX is operated by Almeda Research, which is recognized as among the top reliable companies in crypto trading, as well as one of the biggest liquidity providers.

 

Sam Bankman-Fried is co-founder chief executive officer and co-founder of The FTX Cryptocurrency Derivatives Exchange. He is also Chief Executive Officer at Almeda Research and worked as director of development at the Center for Effective Altruism.

 

The live FTT token price today is $47.71 with an intraday trading volume of $319,741,638. The coin price is up by 6.98% in the last 24 hours. With a live market cap of $6.57 Billion, the coin has a spot reserved in the Top 30 largest coins in the world.

 

FTT coin price action manages to continue the bull run after the bullish breakout of the falling wedge pattern in the daily chart. Moreover, the rally surpasses the horizontal level at $44 and retest it to regain the bullish momentum. The coin price has increased by more than 20% past its breakout point. Currently, the uptrend approaches the psychological resistance at $50.

Let’s have a deepened insight into the technical analysis of FTT Token and see what the indicators have to say about it.

 

The recent jump of almost 10% from the $44 support level in the FTT coin price brings it closer to the psychological resistance of $50. However, the increased trend momentum after the retest and evident lower price rejection in the price action indicates a high possibility of a breakout.

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