The broader crypto market faced pressure from the recent crash where special attention is needed before buying any token. However, buying any native token of cryptocurrency exchanges needs a closer look at trading volume and users' accumulation of that platform. FTT is the native token of the FTX cryptocurrency exchange, where the current circulating supply of FTT is 39% or 136,538,847.82 FTT.
Although the selling party in the broader altcoin market is active, a relief for FTT investors came from FTX CEO Sam Bankman-Fred’s purchase of a 7.6% stake in the Robinhood trading app. The iconic crypto billionaire invested $648 million in Robinhood by buying its shares at the average price of $11.52. As a result, an intraday bullish pressure came at the FTT price while the liquidity hunting below the January 2022 low is active.
Is it a good time to invest in FTX? Let’s have a look at the future price direction from the FTX (FTT) Token Price Prediction:
FTTUSD Awaits A Bullish Correction
FTX Token Price became volatile after breaking below the 34.89 level that found ground at the 26.18 support level from where bullish exhaustion appeared. However, the price is trading above the 22.17 weekly support while the weekly RSI is trending lower below the neutral 50 level.
The above technical analysis shows the daily chart of FTTUSD, where the most recent price became volatile below the dynamic 20 EMA. Moreover, the daily RSI level moved higher from testing the oversold 30 levels, increasing the possibility of testing the neutral 50 level in the coming days.
Based on the FTT Forecast, the broader market context is still bearish as long as it trades below the dynamic 20 EMA in the daily chart. However, any sign of recovery in the BTCUSD price above the $34K level with a bullish daily candle above the 36.00 psychological number in the FTT would be a buying sign in this pair where the primary aim is to test the 40.00 level. On the other hand, the near-term resistance level is at 34.89 level, from where any bearish rejection would extend the current momentum by testing the 22.17 weekly support.
FTTUSD Ichimoku Cloud Analysis
According to the Ichimoku Cloud analysis, FTTUSD is trading under intense selling pressure as the current price has been below the Ichimoku Kumo Cloud for a considerable time. Moreover, the future cloud is still bearish where the Senkou Span A remains below the Senkou Span B. However, the upward pressure in Senkou Span A is the primary sign that the existing bearish trend may be getting weakened.
This technical analysis shows the H4 chart of FTTUSD, where the Traders Dynamic Index on the indicator window shows buyers' and sellers' strengths. The current TDI line reached the overbought area with a divergence with the price, which is a sign of an intense buying pressure that may become obsolete. Investors should wait for the TDI line to move below the 50 level before aiming short in this pair.
According to the FTT coin price prediction, the FTTUSD context is bearish based on the H4 chart, where any bearish rejection from 32.00 to 34.00 area with a bearish H4 candle may extend the current selling pressure towards the 26.18 level. On the other hand, any intense buying pressure above the 34.00 level with an H4 close would open the possibility of testing the 39.90 resistance level.
FTTUSD Intraday Price Action Analysis
In the FTX coin price prediction, FTTUSD bearish pressure seems solid as the current price trades below the 44.85 intraday resistance level with a new swing low at the 26.18 level. In that case, any bearish rejection from the 33.84 to 32.00 supply area could extend the selling pressure in the coming hours. Moreover, the current price faces a minor resistance from the dynamic 20 EMA while the intraday high volume level is above the price at 31.70 level, representing the biggest volume in the last 30 trading days.
This technical analysis shows that the MACD Histogram remained bullish but lost momentum. Meanwhile, the weekly VWAP is also closer to the price, indicating a minor resistance.
Therefore, FTTUSD is trading at the 33.84 to 32.00 critical zone from where a strong bullish or bearish pressure may come due to the higher volume. As the existing market trend is bearish, a new intraday H4 candle below the 31.10 level would increase the selling pressure. On the other hand, bulls should wait until a break of the structure appears above the 33.85 level.
Is FTX (FTT) A Sell?
According to the FTX (FTT) Price Prediction, FTTUSD has a higher possibility of extending the current bearish pressure towards the 22.17 weekly support. However, investors should monitor the intraday price action where any buying pressure above the 34.00 area would be the first sign of a possible trend reversal.