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FTT Price Analysis: Can FTX Token Outperform BNB Coin? Bullish Divergence Patterns on HTF Hint Rise In Demand

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FTT, the native token of the FTX crypto exchange is seeing a stable rise in demand against the Greenback and recovery from a decline against Bitcoin BTC. In this post, we analyze the FTT paired against the number one crypto-asset Bitcoin, and the USDT.

We’ll identify the significant support, resistance levels and identify chart patterns that suggest trend reversal and continuation on both the FTTBTC and FTTUSDT.

Let’s dive into it.

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FTT Price Analysis: FTTBTC Daily Chart

The FTTBTC chart above shows a 50% price slump following a bull-trap candlestick pattern on 09 September ’21. Bearish momentum found a price floor at 0.000814 following a regular bullish divergence pattern on 19 October ’21 with RSI values piercing above level-75 for the first time since the price slump.

We expect a bullish campaign to kick-off from here considering that the weekly time frame of the FTTBTC also maintains a strong bullish outlook with the RSI printing higher figures above level-25 since 11 January ’21.

FTT Price Analysis: FTTUSDT Weekly Chart

A recent hidden bullish divergence on the weekly time frame of the FTTUSDT confirms a price floor for the FTT token at $48.016 as the relative strength index prints higher values above level-25 and sets a new ATH at $85.00.

We expect the bullish campaign to persist as long as the FTT price trades above the $43.064 support and a projected 2021 all-time high above the $85.00 mark.

FTT Price Analysis: FTTUSDT Daily Chart

A view from the daily time frame shows the weekly time frame price floor of $48.016, this time confirmed by a regular bullish divergence pattern on 28 September ’21.

Such confluence of patterns on the weekly and daily time frame further reinforces the decision to resume the uptrend.

Furthermore, hidden bullish divergence is flagged at press time and we are set to witness an upward and parabolic wave of the FTX native cryptocurrency.

We now, notice that the RSI is printing higher readings above level-25. Let’s move to the 4HR time frame to capture the price pull-back levels.

FTT Price Analysis: FTTUSDT 4 Hr Chart

The entry and exit of oversold territory [level-25] on the intraday 4HR chart above, confirms the price bottom and uptrend observed on the daily time frame. We anticipate an increase in demand from this point as the FTT token price surge toward the $69.744 mark.

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FTX (FTT) Price Analysis: Here’s Why FTT Token Price May Go Parabolic in Next Few Months

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Centralized and Decentralized Exchange tokens such as Binance BNB, Uniswap UNI, and Sushiswap SUSHI dominate the asset category. However, many traders and investors have been longing to know if the FTT token of the FTX exchange can create an upset in the crypto derivatives exchange category.

Although the BNB and UNI token set the pace for market cap, the FTT token as a fast, up-and-coming crypto asset will likely follow a similar path as the first two, and perhaps steal a part of their lunch at some point.

Recent announcements that could drive the price of the FTT token are possibilities for token burning similar to Binance BNB and expansion of FTX subsidiaries in Bahamas and Gibraltar, with the FTX digital market now recognized as a digital asset under the Bahamas Securities Commission.

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Also, Scott Melker, a crypto analyst and Youtuber identified FTX Token the utility token of the FTX crypto derivatives exchange as one of the crypto assets that are currently exiting a downtrend.

Read on as we uncover how all this plays out on the price charts of the FTTUSDT below.

FTT Token Weekly Chart Analysis

After a sector-wide price slump of the crypto market, the FTTUSDT signaled a hidden bullish divergence on 21 June ’21, sending the utility token into a parabolic trajectory by roughly 266%.

Recently, the bulls are gathering momentum and preparing for another price surge as the chart signals a second hidden bullish divergence at press time.

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The $43.064 support established following a breakout of bearish hidden bar resistance $56.055 forms a confluence with the impending bullish divergence as long-term investors wait patiently for a hike in the FTT price.

FTT Token Daily Chart Analysis

Looking at the FTT token from the daily time frame, the price slump from the 09 September price slump has found support after signaling a regular bullish divergence at $47.90.

We observe a steady increase in demand as the bulls move in to reclaim the $60.95 resistance and flipping it into new support.

Both hidden and regular bullish divergence on 21 and 28 September ’21 is enough to fuel the price surge beyond the $60.95 resistance. 

FTT Token 4 Hr Chart Analysis

So far, the 4HR time frame also shows growing demand for the FTT token, starting with regular bearish divergence support at $47.931 on 28 Sep ’21 20:00, and followed by another bullish divergence support at $54.255.

A recent bearish divergence forces the FTTUSDT to correct its uptrend gains and threatens deeper price pull-back.

The support level at $54.255 appears to hold the bears at bay and we may see a surge in the FTT token price if the $61.987 resistance fails.✓ Share:

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