FTT Price Hints A Breakdown! What’s The Future Of FTX Token?

Despite a bearish wave in the cryptocurrency industry, with top tokens constantly displaying a neutral trend, the FTT price displayed a positive price action by adding 7.54% to its portfolio within the past 24 hours, making it one of the top gainers of the day in the market.

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

FTX Price On The Verge Of A Bearish Reversal!

After recording a strong recovery during Q4 2023 by adding 442.63% in valuation, the FTX price lost momentum during the final days of the year, resulting in the price of FTT tokens starting this year on a bearish note. The altcoin broke down its support level and has been displaying a neutral trend since then.

The FTT coin price has displayed a strong bullish price action by adding approximately 7.5% in valuation within 24 hours. Further, this token has added 4.675% over the past week but has recorded a loss of 44.45% since the year started, indicating a bearish sentiment in the market.

The Relative Strength Index (RSI) displays a bearish curve in the chart, highlighting increased selling pressure in the crypto market. Moreover, the averages show a high possibility of a bearish convergence, suggesting a negative price action for the altcoin this week.

Will FTX Recover?

If the bulls regain momentum, the FTT price will prepare to test its resistance level of $2.2675 soon. Moreover, if the bulls continue to gain momentum, the price will continue rising and prepare to test its upper resistance level of $3.160 this month.

However, if the bulls fail to regain momentum, the FTX price will fall to test its support level of $1.545. Moreover, if the bears continue to hold power over the bulls, the price will plunge and prepare to test its crucial support level of $1.120 during the upcoming weeks.