FTX Token (FTT) lost about 28% since May started, translating to bearishness for the asset’s long-term bias. Meanwhile, the drop offered lower timeframe investors an opportunity to enjoy the upside rally to $31.1. Meanwhile, a massive resistance level stood at $29, and FTT bulls are yet to conquer the hurdle.
It remained somewhat early to execute a trade on the alt as the market approached a decision on the next move following channel breakout. Defending the $27,6 value area might welcome an upside move in the coming few days.
FTX Token 4Hr Timeframe
The four-hour chart presents a descending pattern of FTT within the previous month. The token saw a substantial deviation towards the $26 lows on 12 May. Also, experts plotted FIB retracement areas according to the $34.8 swing high and low near $25.13.
The price explored the $28.82 mark at this publication. The area represents the 38.2% retracement area. Meanwhile, FTT might meet a massive resistance at $28.8 – $29.5. The higher timeframes and 4hr charts confirm a bearish notion for FTX Token. The alt has formed lower highs since April’s early sessions and was yet to break the downward trend.
FTX Token 1Hr Timeframe
The 1hr chart has $29.49 as a lower peal of the downside bias with FTT. Moreover, the alt broke the $27.64 mark over the past few days, following a red candlestick that took FTX Token towards $25.6. the lower timeframe presented a somewhat complicated market structure though the shorter timeframe depicted bullishness. Nevertheless, this trend boasted caution. The higher timeframe trend remains in bearish hands.
Meanwhile, the descending channel breakout confirmed a possible upsurge towards the 61.8% retracement zone at $31.11. Temporary rejection near $29 might welcome a $27.5 – $28 retest, forming a higher low before upside movements by FTT.
The 1hr indicators displayed bullishness, with the RSI staying above the 50-neutral at 66. Also, the Chaikin Money Flow indicated a massive buying strength, standing at +0.21. The on-balance volume stood at a resistance level that stayed unbroken in May and June. The Stochastic Relative Strength Index displayed a bearish cross. Nevertheless, the near-term market structure agreed with bullish indicators.
The 1hr chart bullishness suggests placing a long trade near $27.7 – $27.9 might be more logical than trying shorting upon the $29 retest. Indeed, higher timeframe biases are massive, but FTT saw a descending channel breakout. Meanwhile, aggressive investors can perceive the uptick to $29 as a bullish intent signal and wait for a higher low formation before rising the upside action to $30 – $31. Entries around $27.7 plus a stop loss near $28 and $29.5 & $31.1 targets might be money-making in the coming days.