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- 1 FTX Token price surged 285% in November 2023.
- 2 FTT price broke out of the $3.00 hurdle and sustained above it.
- 3 The EMAs in the FTT crypto reversed upward.
FTX Token price surged 285% in November and surprised the whole crypto market. This unexpected move in the FTT price might be due to a short squeeze or some speculators deciding to pump it.
After consolidating for almost a year, the FTT price suddenly rose and began to hit a new swing high. It broke out of the $3.00 hurdle with a high volume which grabbed the attention of the speculators. They participated in the rally and pumped the price.
The 50-day EMA and 200-day EMA reversed upward and displayed a golden crossover. It shows the signs of a bullish trend reversal. But it will be difficult to interpret whether the prices will hold the higher levels or not.
FTT price is quite volatile and one-day fluctuation is 5% to 10%. So, it will be very risky to create bullish positions. At present, the FTT price is attempting to break out of the $5.00 hurdle. If they succeed, then another phase of the rally will trigger.
Currently, FTT price is trading at $4.7148 with a one-day increase of 6.29%. In the last 24 hours, the trading volume is down by 10.47% and volume to market cap is 23.74%.
Is the Rally in FTX Token Price Sustainable?
FTX Token price showed a surprising upmove and hit a YTD high. However, the price also witnessed profit booking, and seems like some short-term traders are cashing out their investments.
The upmove has strength but price action shows that the rally might be temporary so it’s better to avoid investing in it.
Till the token price sustains above $3.00, the short-term buyers will remain active and try to bounce. But, if the price reverses down and slips below $3.00, then a sharp decline is possible.
Will FTT Price Consolidate Soon?
FTT price rose for three consecutive weeks and formed a bullish candle. It is facing rejection from the $5.00 level and the sellers are trying to halt the momentum. The FTT Token price has rallied a lot so it will be better if the price consolidates for a few weeks for stability.
The technical indicators like MACD displayed a positive crossover and the histogram bar is green showing strength. However, the price action says that this upmove is speculative so the buyers will face difficulty in sustaining the higher levels.
Conclusion
FTX Token price surged 285% in the current month and showed a surprising upmove. However, the price action says the recent upmove in FTT is temporary so it’s better to avoid creating any position in it.
Technical levels
- Resistance levels: $5.5388 and $7.0000
- Support levels: $2.7561 and $1.3932
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
