FTX Token Price Rockets 20% – Can Bulls Defy Odds to Sustain the Rally?

As a seasoned observer in the ever-evolving crypto landscape, I can’t help but note that FTX Token has stormed back to life. Clocking a jaw-dropping 20% daily price jump to $0.9789 and a weekly gain of 21.92%. Fueled by surging trading volume, up more than 500% and a bustling social media rumor mill, FTT’s comeback paints a vivid portrait of technical exuberance, speculative trading, and persistent legal uncertainties. 

With the token’s 24-hour swing from $0.8124 to $1.21 and market cap now at $322 million, the runway for further price action seems uncertain. Come join me as I take you through the potential targets that the FTX price could hit in the near term.

FTX Token Price Analysis

The rally’s heartbeat is rooted in technical momentum. FTT blasted past its 30-day SMA at $0.84 and pierced the pivotal Fibonacci 38.2% retracement $1.04. Notably, the 7-day SMA at $0.94 crossing above the 30-day SMA has reinforced short-term bullish sentiment, while trading volume exploded by 503%, a sure sign that traders are piling in.

However, the RSI reading suggests overbought conditions, even as the MACD histogram ticks bullish. A sustained close above $1.10 could bring in more gains, eyeing the 200-day EMA at $1.14 as a potential mid-term magnet. Conversely, a slip below $0.94 might prompt fast-handed traders to lock in profits.

Bottom line: While bullish traders may target $1.10 short-term, sustainability remains in question. FTT’s future depends on its ability to defend $0.94 and weather upcoming legal updates.

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