FTT Nearing Inverted H&S Pattern Breakout Eyes $40
Published 4 hours ago
The FTX(FTT) price action shows a bullish growth ready to surpass the overhead supply zone at the $28 mark. The improvement in the underlying bullish sentiment is evident by the inverted head-shoulder pattern teasing a breakout rally. Will the improving market conditions launch prices above $40?
Key points
- The FTT price shows a 13.5% gain in the last four days.
- Pattern breakout may surge FTT price 33% higher
- The intraday trading volume in the FTT token is $1109Million, indicating a 76% gain.
Source- Tradingview
The FTT/USDT pair has witnessed a constant downfall since early April, which plunged it to a low of $21.15. However, the high demand at these lower levels triggered a minor recovery rally, surging the $29 resistance.
However, the recent sell-off in the crypto market propelled a 17% bearish pullback to $24.2. Anyhow, the FTT price started the week on a bullish note, as the altcoin rebounded from mentioned support with a long bullish engulfing candle.
The sustained buying propelled the FTT price 13% higher, where it currently trades at $27.4. If the buying pressure persists, the coin price will rechallenge the $29 resistance, and in response to inverted head and shoulder, it is most likely to breach it.
Completing this bullish reversal pattern, with a decisive breakout and closing above the $29 resistance, the FTT price will likely hit $33, followed by $40.
Technical indicator
The DMI indicator shows a bullish crossover in the DI lines Sabotage the previous bearish alignment. Hence the technical indicator forecasts a bullish trend ready to redefine the price action.
Siding with the buying team, the Bollinger bands showcase a lateral shift in trend after a downfall indicating a potential reversal spot. Moreover, the bullish candle surpasses the midline and aims to redirect the upper band.
Therefore, the FTT traders could wait for a candle closing above $29 for better confirmation for triangle pattern.
- Resistance level- $33.4 and $43.5
- Support levels- $24.1 and $21.61
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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