FTX Price Analysis: FTT Token Shows Positive Price Action Despite Bearish Market Trend

FTX Price On The Verge Of A Bearish Reversal!

Despite a bearish wave in the cryptocurrency industry, the FTT price has managed to stand out by displaying a positive price action, adding 7.54% to its portfolio within the past 24 hours. This makes it one of the top gainers of the day in the market, amidst a sea of neutral trends in other top tokens.

However, the FTX token continues to show a bearish influence in the 1D time frame, indicating a strong bearish price sentiment for the altcoin from a long-term investment perspective.

After a strong recovery in Q4 2023, where the FTX price added 442.63% in valuation, the altcoin has lost momentum in the final days of the year, starting this year on a bearish note. Breaking down its support level, the FTT token has been displaying a neutral trend since then.

The FTT coin price has recently shown a strong bullish price action, adding approximately 7.5% in valuation within 24 hours. Despite this, the token has recorded a loss of 44.45% since the year started, indicating an overall bearish sentiment in the market.

The Relative Strength Index (RSI) displays a bearish curve, suggesting increased selling pressure in the crypto market. Additionally, the averages indicate a high possibility of a bearish convergence, pointing towards a negative price action for the altcoin in the coming week.

The big question now is, will FTX recover? If the bulls regain momentum, the FTT price could test its resistance level of $2.2675 soon, with a potential rise to $3.160 this month. However, if the bears continue to hold power, the price may fall to test its support levels of $1.545 and $1.120 in the upcoming weeks.

Investors and traders are advised to closely monitor the price action of FTX in the coming days to make informed decisions about their investments in this volatile market.