Additionally, FTT’s MA trendlines are forming a bullish technical pattern on the daily charts.
NEW DELHI (CoinChapter.com) — Crypto derivatives exchange FTX’s native token FTT broke above its four-month-old trendline resistance, indicating a likely extension of its upside pullback phase.
In detail, the FTT price has been trending downwards ever since it reached a new all-time high of over $87 on Sep. 7. In doing so, the cryptocurrency dropped nearly 62% before showing signs of bottoming out in January and pullback by over 25% in Jan. 2022.
FTT token price performance in the past 24 hours. Source: CoinMarketCap
FTX Token Golden Cross Ahead
As FTX logs a rebound rally, its likelihood of extending the upside momentum has also increased as its moving averages form a golden cross.
Simply put, FTX’s 20-day exponential moving average (20-day EMA; the yellow wave) looks likely to close above its 50-day EMA (the blue wave) — a buy signal in the near term.
FTTUSD on the daily charts with MACD and Rising Wedge pattern. Source: Tradingview.com
A golden cross usually indicates a bullish uptrend on the horizon. As such, bulls would likely try to push above the FTT price’s immediate resistance at $50, near the FTX token’s 100-day MA line. A strong upside rally would see FTX push above immediate resistance to target $53 price levels.
FTT might target the $57 resistance level before pulling back if there is a sustained uptrend. However, the relative strength index for the FTX token is steadily moving towards overbought levels, though it is currently neutral with a value of $65.29 on the daily charts.
We are excited to back builders who share our values: move fast, make the impossible possible, do right by users, follow-through, and improve the world. We will do right by the teams we invest in, by adding strategic value and leveraging our resources, technical and operational expertise across FTX
FTX stated that the new project would make it easier for new projects to acquire funds despite their size or stage.
As such, combined with FTT’s golden cross, FTX may likely log more bullish rallies ahead. At the time of writing, the FTX token was changing hands at $48.14, up 3.19% on the day.
A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
YEREVAN (CoinChapter.com) – The CryptoG Group CTGX crypto or token was the new talk of the town, and announced...
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