Bearish price sentiment is rising in the cryptocurrency industry as top altcoins struggle to break above their important resistance levels. However, mid-cap and low-cap altcoins have recorded positive price action, highlighting a shift in investor interest in these altcoins.
On the other hand, FTX Token has shown a strong bullish reversal, rising by about 40% in the past 24 hours, from $1.5974 to $2.2764. Moreover, the altcoin has risen by 66.14% in the past 7 days and 29.68% in the past month, indicating an increase in bullish sentiment.
FTX Token shows a bullish reversal in its chart:
Since the beginning of the year, FTT price has shown bearish price action, falling 65.33% by mid-April from $3.058 to $1.060, indicating growing investor interest. Since then, FTX price has been trading in a closed range between $1.060 and $1.5775 for some time, showing neutral sentiment.
On the positive side, the price has regained momentum this week and experienced a bullish reversal amidst increased market volatility. Moreover, the Simple Moving Average (SMA) supports the price chart on the 1D timeframe, indicating a bullish outlook for FTX Token in the coming days.
The Moving Average Convergence Divergence (MACD) is showing a constant green histogram in the chart, indicating an increase in buying pressure in the cryptocurrency space. Moreover, the moving averages are showing a bullish pattern, suggesting that the price will continue to appreciate in the coming period.
Will FTT rise again?
If the bulls continue to gain momentum, FTX (FTT) price will test its resistance at $2.4675. Sustaining the price at this level will set the stage for the FTT token to attempt to test its upper resistance at $3.280 in the coming week.
Conversely, if a bearish trend reversal occurs, the price will lose momentum and fall to test its support at $1.5775. Moreover, if the bears continue to dominate the market, the price of gold will fall towards the critical support at $1.060 this month.
In the crypto industry, if you want to seize the next bull market opportunity, you must have a good source of energy and maintain your insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry. #FTX重启，那么它会成为这轮牛市第二波助推剂，越来越多的积极因素在累积，一轮波澜壮阔的行情指日可待。 #TRB暴涨
