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FTX Price Analysis: Bidding wars ensue FTX Crypto upswing

Analytics

www.thecoinrepublic.com 09 June 2022 22:14, UTC
  
Reading time: ~2 m

•FTX/USD is currently priced at $28.91 and has increased by 4.14% over the past day

•The technical indicators suggest a positive outlook for the near term 

•The trading volumes have decreased by 16.52% in the past day

Short Term View: FTX Bulls remain firmly in control 

Source: FTT/USD by TradingView 

The FTX Crypto price today is $28.91 USD with a 24-hour trading volume of $89,823,194 USD. FTX Crypto is up 4.14% in the last 24 hours. The trading volumes have decreased over the past day, suggesting some profit booking occurring at the current price levels. The Volume to Market Cap Ratio stands at 0.02286 for the altcoin. 

An uptrend has engulfed FTX Crypto over the past few days as the asset continues to prove to be an anomaly in the bear market. The FTX Crypto is currently transacting above the 20,50 SMA on the four hour chart, which bodes well for the future prospects of the coin. In case the buyers continue to amp up the pressure, then after breaking the immediate resistance placed at $30, the price will highlight the next resistance at $35. On the other hand, if the altcoin breaks down from this level, FTX will highlight the next support level at $25.

Long Term View for FTX

Source: FTT/USD by TradingView 

The RSI indicator for FTX Crypto is currently transacting at 48.47 as the altcoin has recovered from its recent oversold levels. The green histograms are gaining traction on the daily MACD chart. The MACD and signal lines are continuing their surge ahead towards the positive territory as the gap widens between the two. As a result, the overall market momentum is shifting bullish.

Conclusion 

FTX is currently in the middle of an uptrend and the market sentiment is suggested by the technical indicators to remain strong. Thus if the buyers remain strong in the coming days, it will break the resistance level and rise further.

Support: $25-20

Resistance: $30-$35

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.


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