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
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.
A 37% downfall last week led to multiple bearish candles breaching below the $4 mark, indicating a sharp increase in selling pressure.
Breaking below the support trendline of the rising wedge, the fakeout gained momentum and breached the 50-day EMA.
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.
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
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
