In the FTX technical analysis today, we are going to learn about its resistance levels and the possible outcomes. The FTX token (FTT) is the prime driver of the FTX open-source blockchain network. It follows an incentive scheme to attract users and increase demand for FTT and also keep a check on the total FTT supply in the market. It is unavailable for trading in the USA and some other prohibited jurisdictions. Past Performance On April 8, 2021, FTT opened at $44.51. As of April 14, 2021, the closing price of FTT is $56.10. Thus, in the past week, the FTT price has soared by approximately 26%. In the last 24 hours, FTT has traded between $55.07-$56.38. https://ift.tt/3tmMLvV Day-Ahead and Tomorrow Currently, FTT is trading at $55.84. The price has decreased from the opening price of $56.10. Thus, the market seems bearish. The MACD and signal lines are in the positive region. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is positive. Hence, we can expect the price to start rising soon. The OBV indicator is falling. This implies that selling volumes are higher than buying volumes. The price and OBV indicator are falling. Thus, the bearish trend seems strong currently. Hence. We can expect the price to go down further. Currently, the RSI indicator is at 73% in the ‘overbought’ region. It is a great time for swing traders to go short. This implies that buying pressures are very high. Hence, the price is poised to move upwards. FTT Technical Analysis As per technical analysis, the price is currently above the Fibonacci pivot point of $55.85. It will soon surpass the first resistance level of $56.35. If the bulls remain strong till day close, then we can expect the price to break out of the subsequent resistance levels of $56.66 and $57.16 respectively. The price has tested and broken out of 23.6% FIB retracement level of $56.07. Thus, the uptrend seems strong and we can expect the bull-run to continue tomorrow as well.
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