Bitcoin
BTC$61 250.62

-2.84%

Ethereum
ETH$4 042.30

-2.55%

Binance Coin
BNB$482.49

0.74%

Cardano
ADA$2.16

-0.54%

Tether
USDT$1.000245

0.03%

Solana
SOL$204.24

0.80%

FTX Token (FTT): The Interrupted Uptrend


Since it was launched last August, FTX Token (FTT) belongs to the cohort of recently emerged cryptocurrencies that haven’t seen a lot of price action, yet this one has already made a name for itself among traders, mainly because of its good showings against USD, having gained 14.3% in the past 30 days. But the thing that really whets traders’ appetite is the inexhaustible strive to the upside, which FTX Token appears to maintain despite the market crisis that still lingers.

FTT all-time price action chart

Another advantage of FTX is that it represents a class of cryptocurrencies that proved to be one of the most resilient in the time of global crisis - the exchange tokens. It is a native coin of an eponymous exchange that specializes in cryptocurrency derivatives. Similar to Binance Coin, Huobi Token, and the rest, FTT affords discounts on trading fees, OTC rebates, and provides access to socialized gains. We have already reviewed at length the quality of performance and the profiteering potential that such cryptocurrencies are bearing, and FTX Token can be safely labeled as one of the finest of the bunch. 

The uptrend that is hanging in the balance


FTT still fights tooth and nail to remain within the context of an uptrend that began last September, right when the rest of the market was experiencing a steep correction. It means that the price action and the overall behavior of FTX Token can be characterized as counter-systemic, thus appealing due to the fact it allows traders to use this coin as a hedge against falling markets. Lastly, this exchange token is only a few steps away from the all-time high, which was achieved this February at the price level of $2.97.

Giving that presently FTT is priced at $2.38, having gained 2.6% in a week, a single strong upswing could allow the coin to conquer new heights and set it up on a highway to massive gains, the peak of which can’t be accurately predicted at this time.

1-day FTT/USDT chart

Another fascinating thing about FTT is that it showed phenomenal resilience when the cryptocurrency market crashed. Whereas all other coins were losing more than 50% of their value in a matter of hours, FTX Token’s decreased only by 27%, thus allowing the coin to bounce back relatively effortlessly. That bounce could have been anticipated by traders thanks to the bullish checkmate pattern that emerged on the back of an enormous trading volume.

The fact that the humongous selling volume during two days that followed the market crash gave birth only to indecisive candles should have given traders a hint regarding an imminent bullish reaction that kept pushing the price from one lower high to another, until it got stuck at the $2.82 resistance. In doing so, FTX Token came close to a verge of the ascending triangle that must be broken to the upside if the price is to revive the uptrend and hit the new all-time high, after which, as already mentioned, FTT could easily add anywhere from 15% to 30%  in a short period of time.

But in that case, the final step proves to be the hardest as the bears are pushing back vehemently. The fierceness of the struggle is revealed on the MACD indicator, where the MACD line keeps crossing the signal one but without heading to the downside. Trading FTT right now would require placing a tight stop-loss because if the bulls do surrender, the reversal to a downtrend could be swift and violent.

Author: Alex Paulson for Crypto-Rating.com

Related

Price history of FTT: the present and the future
Price history of FTT: the present and the future

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 250.62 -2.84% -0.77% $1 154 674 094 562 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.8% 57 $4 042.30 -2.55% 5.39% $477 150 448 535 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 69.2% 60 $482.49 0.74% 2.70% $80 480 315 639 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 91.2% 12 $2.16 -0.54% -2.20% $71 185 024 084 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000245 0.03% 0.09% $69 591 162 791 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 55 $204.24 0.80% 29.17% $61 440 079 262 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 51 $1.096102 -0.97% -3.88% $51 457 996 304 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 60% 79 $44.55 -0.99% 2.11% $43 999 075 422 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.2% 56 $0.246907 0.64% 4.09% $32 542 542 435 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000313 0.06% 0.09% $32 442 834 043 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 69.6% 65 $43.44 5.78% 17.86% $17 443 010 900 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 74% 47 $25.79 -2.88% -0.74% $15 775 566 720 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 65 $66.57 4.10% 17.36% $14 663 644 845 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 265.73 -2.87% -0.84% $13 545 425 709 WBTC 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.8% 50 $29.07 -0.32% 7.40% $13 401 075 815 LINK 7 days price change

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