FTT Price Drama Unfolds: FTX Rally Encore or the Final Act
- FTT price experienced a significant drop in market value following a false breakout trend.
- In line with the overall rising wedge trend, FTT witnessed a 37% decline last week.
- If Bears successfully close below the 50-day EM, FTT's price may encounter panic selling amid the prevailing downtrend.
FTT dropped below $4 support, suggesting a possible fall below $2.75.
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According to Coingabbar Technical Analysis, Bears took control of FTT's price, causing a red week and a crash at the $6.06 overhead resistance
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FTT trapped bulls with a fakeout rally in a rising wedge pattern, breaking the streak of higher-low formations and increasing the likelihood of a prolonged correction for FTX.
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A 37% downfall last week led to multiple bearish candles breaching below the $4 mark, indicating a sharp increase in selling pressure.
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Breaking below the support trendline of the rising wedge, the fakeout gained momentum and breached the 50-day EMA.
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According to Fibonacci retracement levels, the correction trades between 38.20% and 50%, with a demand dominant zone near the 50% level at $3.28, suggesting minimal chances of further correction.
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However, increased selling could lead to a retest of the 61.80% level at $2.74 or even $1.97 at 78.60%.
KEY LEVELS :
RESISTANCE LEVEL : $3.70-$4.10
SUPPORT LEVEL : $3.00-$2.75
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