Due to bankruptcy, the recent resignation of Sam Bankman-Fried – SBF, the FTX trading limited CEO, appeared to have resulted in more crashes in the price of FTT, down by 93% in the past seven days. It is ranked 113th by market cap at press time.
FTT’s price has declined amid the latest bleeding in the crypto market. It’s now priced around the $1.62 level after losing 16.3% overnight. The market is at the extreme according to the crypto fear and greed index. The last weekly candle close also suggests that the party is not over yet.
As shown on the daily chart, the price action is still captured in the channel pattern as it dips toward the channel’s support.
At the moment, the crypto has no base support again. It is now looking for a strong level to establish support. However, there’s a chance for a nice recovery if the descending channel can provide support.
Considering how things are going, FTT is likely to plunge below the $0.1 level soon, just like LUNC’s crash in the mid-year, if not more than that. The whole scenario is becoming uglier as the last hope for the short-term buyers lies at the $1 mark.
Not only is FTT losing grip, but other major cryptocurrencies have experienced the same meltdown, including Bitcoin, which is now trading around its past week’s low. If crypto sellers fail to take a break, more price drops can be expected.
FTX Token Price Analysis (FTTUSDT) – Daily Chart
As the market looks for new support, the closest levels to watch out for are $1.5 and $1.3. The last key level to keep in mind is $1 before it decides on the next direction.
The latest drop levels of $1.8 and $2 serve as resistance areas. In case of a recovery, the resistance to watch above these levels is $4.5, followed by $7. If all these price levels get flipped, there’s also a resistance level at $11.22.
Key Resistance Levels: $2, $4.5, $7
Key Support Levels: $1.5, $1.3, $1
- Spot Price: $1.62
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Image Source: valedol/123RF // Image Effects by Colorcinch
