the FTT/USDT pair is being pushed in two different directions. The U-shaped rebound, in the first place, denotes a rounding bottom pattern, a bullish reversal pattern.
On the other hand, a large decline is supported by the sets of new, higher highs and lows, which display a rising wedge pattern. Which price structure will the FTT price finally select as a result?
The FTT/USDT pair recovered from the $21 level, which signified the beginning of the current recovery. Although a rounded bottom pattern initiates a trend reversal, the market action only responds to trendlines in wedge patterns.
The first of these is a bullish reversal pattern, which strengthens the bullish trend and might allow it to continue over the overhead resistance level of $32.7. This break through of resistance might increase the buying power and raise the FTT price by 6.63% to $34.85.
The second pattern, on the other hand, is a continuation pattern that supports the continuation of the current decline. Therefore, a support trendline has been supporting the price recovery of FTT. As a result, a break of this trendline will start the bearish pattern, which might cause the currency to fall 12% lower to retest $13.
In any case, a no-trading zone is indicated by the coin price reasoning close to the wedge pattern's peak. Furthermore, a successful breakout from one pattern will reduce the power of the other pattern.
KEY LEVELS :
RESISTANCE LEVEL : $32.70-$34.50
SUPPORT LEVEL : $308.80-$29.00
