FTX (FTT) has been trading below $1.3 since September. However, the token managed to break the existing resistance of $1.65, a threshold in place since November 2022, on November 9th.
Has FTT Entered a Bullish Phase?
This significant move was followed by the bulls, pushing the price up to $5.53. Since then, FTT has settled into a range. Should investors expect a rise soon? FTT began its ascent during a period when another leading exchange token, Binance Coin (BNB), was losing ground. At the time of writing, experts believed that FTX’s native token was exhibiting an upward trend.
Therefore, it might need to fall below $2.9 to change the market structure to a downtrend. The Relative Strength Index (RSI) supported this idea as it had recently bounced from the neutral level of 50, indicating a weakening upward momentum but overall control remained with the buyers. Additionally, the Directional Movement Index (DMI) showed a strong upward trend on a daily chart. However, FTT traded within a range extending from $2.81 to $4.84.
The SEC’s Impact on Altcoins
For this reason, a revisit to the $4.8-$5 region could likely result in a rejection by the bulls. Large percentage increases over a few days inevitably create a buzz on social media for any token. This was no different for FTT, especially with speculation about the SEC Chairman Gary Gensler discussing the relaunch of the FTX exchange.
However, since that period, social volume has decreased, suggesting less interest in the token among participants. Moreover, the token may continue to trade within the aforementioned range. At the time of writing, the token’s Market Value to Realized Value (MVRV) ratio was at its highest since June and November 10th, which could lead investors to attempt to realize some profits, potentially increasing selling pressure.
- FTX token breaks through resistance.
- Experts suggest a bullish trend for FTX.
- SEC speculation impacts FTT’s social volume.