The bearish price sentiment in the cryptocurrency industry is on a constant rise as top altcoins struggle to breach their important resistance levels. However, mid-cap and low-cap altcoins have recorded a positive price action, highlighting a switch of interest among investors toward these altcoins.
On the other hand, the FTX token has displayed a strong bullish reversal by adding approximately 40%, from $1.5974 to $2.2764 within the past 24 hours. Moreover, this altcoin has added 66.14% within the past seven days and 29.68% over the past month, indicating increased bullish sentiment.
The FTT price displayed a bearish price action since the year’s start by losing 65.33%, from $3.058 to $1.060 by mid-April, indicating a rising disinterest of investors. Following this, the FTX price displayed a neutral sentiment by trading in a closed range between $1.060 and $1.5775 for a period.
Positively, the price regained momentum this week and experienced a bullish reversal amid increased market volatility. Furthermore, the Simple Moving Average (SMA) supports the price chart in the 1D time frame, suggesting a bullish outlook for FTX token during the upcoming days.
The Moving Average Convergence Divergence (MACD) displays a constant green histogram in the chart, indicating increased buying pressure in the crypto space. Moreover, the averages show a bullish pattern, suggesting the price will continue gaining value in the coming time.
If the bulls continue to gain momentum, the FTX (FTT) price will test its resistance level of $2.4675. Maintaining the price at that level will set the stage for the FTT token to attempt to test its upper resistance level of $3.280 during the upcoming week.
Conversely, if a bearish trend reversal occurs, the price will lose momentum and fall to test its support level of $1.5775. Furthermore, if the bears continue to dominate the market, it will plunge toward its crucial support level of $1.060 this month.
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