The post FTX Token Price Rockets 20% – Can Bulls Defy Odds to Sustain the Rally? appeared first on Coinpedia Fintech News
As a seasoned observer in the ever-evolving crypto landscape, I can’t help but note that FTX Token has stormed back to life. Clocking a jaw-dropping 20% daily price jump to $0.9789 and a weekly gain of 21.92%. Fueled by surging trading volume, up more than 500% and a bustling social media rumor mill, FTT’s comeback paints a vivid portrait of technical exuberance, speculative trading, and persistent legal uncertainties.
With the token’s 24-hour swing from $0.8124 to $1.21 and market cap now at $322 million, the runway for further price action seems uncertain. Come join me as I take you through the potential targets that the FTX price could hit in the near term.
The rally’s heartbeat is rooted in technical momentum. FTT blasted past its 30-day SMA at $0.84 and pierced the pivotal Fibonacci 38.2% retracement $1.04. Notably, the 7-day SMA at $0.94 crossing above the 30-day SMA has reinforced short-term bullish sentiment, while trading volume exploded by 503%, a sure sign that traders are piling in.
However, the RSI reading suggests overbought conditions, even as the MACD histogram ticks bullish. A sustained close above $1.10 could bring in more gains, eyeing the 200-day EMA at $1.14 as a potential mid-term magnet. Conversely, a slip below $0.94 might prompt fast-handed traders to lock in profits.
Bottom line: While bullish traders may target $1.10 short-term, sustainability remains in question. FTT’s future depends on its ability to defend $0.94 and weather upcoming legal updates.
FTT price soared mostly due to bullish technical patterns and social media speculation, not new project developments.
Holding above $0.94 signals strength, a break lower may spark profit-taking and downside risk.
