With the announcement of the FTX’s repayment plan, this failed crypto exchange’s native token “FTT” price has experienced a strong bullish recovery, with it on the verge of achieving a new 52-week high in the upcoming time.
Amid current market sentiments, is FTX a good buy for this crypto bull run? In this article, CoinPedia’s expert panel has uncovered the possible short-term price analysis of the FTX token.
With a constant rise in the cryptocurrency market, the FTX coin is on the path to achieving a new 52-week high. This indicates a strong comeback for the altcoin this year. Notably, it has surged ~125% from its July low.
The Simple Moving Average (SMA) constantly acts as a support to the FTT price chart in the daily time frame. This suggests a bullish outlook for the altcoin in the upcoming time.
Further, the Relative Strength Index (RSI) is headed toward its overbought range, with its average trendline recording a positive action. This highlights that the FTX token may continue gaining value this week.
If the FTX price breaches its resistance level of $2.65, the bulls will maintain their bullish sentiment and prepare to test its upper resistance level of $3.25. Maintaining the price at that level will set the stage for it to head toward its upper price target of $4.
On the contrary, if a trend reversal occurs, the FTT coin price will retest its support trendline of $2. Furthermore, if the bulls fail to regain momentum at that point, this could result in this altcoin retesting its lower support level of $1.60.
Curious about the long-term projections of this altcoin? Read CoinPedia’s FTX Price Prediction and also subscribe to us to get your hands on the latest crypto news first!
If the bullish sentiment sustains, this altcoin could reach a high of $3.50 this year.
With its latest repayment plan, this failed exchange is prepared to make a strong comeback.
The FTT price may reach a high of $14 by 2030, making it a return of 445.6%.
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