While most top altcoins are taking a break, FTT resurged this week and started to gain traction across the market. It currently looks poise for another leg up on a daily after charting a 14% gain in the last 24 hours.
FTT’s recovery started two weeks ago after reclaiming the psychological $1 level. The price further increased and later peaked at $5.5 in that week.
A rejection from that peak pulled the price to around $2.8 last week. The volatility dropped seriously and the token remained calm throughout the week. Though, the price was still in favour of the bulls on the daily chart.
Yesterday, the token resurged and flipped through $3 to reach a daily high of $4.87. After that, the price dropped slightly to where it is currently changing hands at $4.4. A strong close above this high could activate more buys towards the previously mentioned peak before rising to a new monthly high.
Trading volume looks a bit low at the moment. If the crypto initiates a drop from the current trading level, the price may roll back to its recent recovery level. From a technical standpoint, FTT’s bullish trajectory remains intact on the daily chart as more positive actions are expected.
FTT Key Levels To Watch
If the asset pushes through today’s high to retest the current monthly $5.5 resistance level, the next area of interest for buying would be $7 and $8 on the hourly. Daily resistance levels are located at $10, $12 and $14.
In case of drops, the closest support level to keep in mind for a drop is $4 and $3.5. Last week’s low of $2.8 remains a key support level to watch for a breakdown. There’s also support at $2 for more dips.
Key Resistance Levels: $5.5, $7, $8
Key Support Levels: $3.5, $2.8, $2
- Spot Price: $4.2
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.