FTT Price Prediction: Will it Reach $35?

Key Insights:

• FTT is down over 65% from its all-time high price of $85.02 set on September 9, 2021. 
• The token recently fell to $23.14 on June 30 before climbing back up again to $27.69 on July 8. 
• Short-term sentiment on FTT is bearish. 

FTT, the exchange token of the FTX ecosystem that serves as collateral for futures positions, getting discounts on trading fees and receiving OTC rebates, has seen its price fall amid a broader market downturn.

While FTX retains its position as the second-largest cryptocurrency spot exchange and the tenth-largest derivatives exchange in the world by trading volume, its native token is down over 65% from its all-time high (ATH) price of $85.02 set on September 9, 2021.

Price Action

FTT started its journey on February 8, 2019 at $1.7891 and has risen 2251% since its launch.

However, its price declined from the $1.7 region to an all-time low of $0.83 on September 7, 2019. A brief rally saw the FTX coin close 2019 at $2.14.

FTT did witness some highs in 2020, closing the year at $5.77 but it did not start gaining traction until May last year when it reached the $61 level from a low of $5.82 on January 1. This represents a 952% spike. Its price then retreated to lows of $22.79 on June 26, 2021.

The cryptocurrency closed last year at $38.31 and by the beginning of 2022, it reached a high of $49.85 on January 20, followed by a 37% drop to $31.55 on January 24.

FTT’s price charts over the last few days show the formation of a symmetrical triangle, would could act either as a continuation pattern or a reversal setup. The token’s exponential moving averages (EMA) are nearing a bullish crossover and the relative strength index (RSI) is in a positive zone, which suggests the potential of an uptrend.

 

A breakout of the triangle’s resistance line would indicate a bullish recovery that could see FTT rise to $32 and later to the pattern target at $36.50. However, this possibility would be invalidated if the price turns down from the resistance line.

Also, if FTT’s price turns down from the current level but rebounds off the 20-EMA, it would make a break above the triangle more likely. However, this won’t occur if the price continues lower and breaks below the 20-EMA.

Last month, FTT rallied from $21.26 on June 18 to $28.78 on June 26. Its price then consolidated, falling to $23.14 on June 30 before climbing back up again to $27.69 on July 8.

On July 13, FTT made several attempts to break out of the bullish $28-$30 zone,  but price charts showed a triple top formation near resistance – a bearish indicator. The token is currently trading at $29.62 and ranks 21st in the list of cryptocurrencies worldwide by market capitalisation at $4 billion. Its price is up 5.72% in the last 24 hours.

 

Technical Indicators