FTX has recently shown strong bullish momentum, leading some to believe it could reach a new 52-week high.
FTX Token has shown strong performance, with its price rising over 67% in the last 30 days. The token also formed a Golden Cross, a powerful technical pattern that signals positive momentum. This occurs when the 50-day Exponential Moving Average crosses above the 200-day Exponential Moving Average, indicating a potential upward trend.
FTX Token surges 67% in 30 days: What’s driving the hype?
FTX Token, also called FTT, is in much discussion these days as it experienced a 67% surge in the last 30 days. The same trend seen in the altcoin market indicates an extremely optimistic trend in the bull camp. So, the latest trends being seen in FTX are indicating a new milestone in the coming days and can break a new 52-week high in a few days easily.
Golden Cross Indicator: Bullish Sign
The FTX token recently printed a Golden Cross on the EMA 50/200-day chart. Technical indicators of this kind are usually indicative of intense buying pressure and often point toward huge price rallies in markets. Therefore, this would strengthen the argument that FTX needs to rally to $4 in the coming weeks.
The Relative Strength Index of the FTT token is approaching overbought in the 1-day time frame. Always increasing RSI signals heavy buying activity, and in this case, such a trend, as it continues upward, should propel further price increases.
Re-test resistance levels: The critical point for FTX token
The rally has already taken the price sufficiently close to critical resistance levels. It may take a lot to prove sustainability above the level of $3.4650, which may make the token go into the green area, and possibly race toward the upper resistance of $4.1625.
If prices are above the stated levels, then there is a chance FTX can hit its 52-week high.
According to analysts, FTT holds quite bright prospects. The predictions are mostly set with an accomplishment or surpassing $4. Some of the 2024 predictions are set between $3.44 to as high as $5.38, being seen by the market conditions and sentiment.
The long-term predictions are diverse; some estimates range around $7.16 by 2030 for FTT, while the latter might have more modest figures around $2.22-$3.31 on the same timeline.
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FTX Price: Bull Run to Continue?: If the bulls hold their grounds, then FTX’s token moves directly to $4.1625. In this steeper rise, it would even push over $4.1625 to try to reclaim a new 52-week high. Amongst those critical resistance points to watch out for
On the contrary, a change in market perspective might create room for a bearish reversal. In case FTX drops below $3.4650, then the support at levels of $2.8360, the price would begin to go downwards. Dropping further to the low of $2.20 would indicate that the bullish rally was running out of steam.
Conclusion: The FTX token is moving upwards with good technical indicators and positive market sentiment. With the EMA Golden Cross, rising RSI, and testing key resistance levels, FTX might even touch a new 52-week high. However, markets can turn on a dime, so watch closely for signs of a bearish reversal. Its future performance will depend upon remaining above key resistance levels and the momentum of the bigger market. Always monitor closely and assess the risks before making any decisions.
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