- Demand for FTT elevated after the U.S. DOJ sanctioned Binance, resulting in a 30-day excessive.
- With robust assist at $2.94, FTT could retest $4.76 if sellers halt profit-taking.
- The 9 EMA must crossover the 20 EMA to verify the short-term uptrend.
The worth of FTX Token (FTT) has elevated by 276% within the final seven days, in response to information from CoinMarketCap. The worth enhance may very well be linked to the widespread bounce in altcoin worth since October. Nevertheless, demand for FTT elevated once more round November 21, as indicated by the FTT/USD 2-hour timeframe.
Using on Binance Challenges
The rise in demand was fueled by U.S. DOJ sanctions on Binance. One motive why FTT positively reacted to the event round Binance was as a result of the CZ previously led-exchange had a hand in its 2022 collapse as FTX was Binance’s fiercest competitor at the moment.
Just like the FTX crash interval, Binance has not too long ago skilled a surge in outflows as Coin Version beforehand reported.
On 21 November, shopping for strain appeared at $2.94, and this area was in a position to act as assist for FTT. As demand for the token elevated, the value continued to rise, hitting as excessive as $4.76 on November 23.
In the meantime, there was some profit-taking between the $4.76 excessive and $4.00 low of November 24. However within the final 24 hours, the value elevated once more by 3.78%, exchanging palms at $4.37 at press time.
One motive for the hike was the resurging shopping for momentum indicated by the Relative Power Index (RSI). On November 24, the RSI went all the way down to 46.43. However on the time of writing, the studying was 54.78.
Ought to the RSI studying proceed to extend, then FTT could retest $4.50 for a begin. Nevertheless, that might imply that sellers would chorus from dumping the token.
FTT to Retest $4.76?
The Transferring Common Convergence Divergence (MACD) additionally confirmed that there may very well be room for extra upside. It is because the MACD had not too long ago recovered into the constructive area.
Additionally, if the 12-day EMA (blue) finally flips the 26-day EMA (orange), then FTT’s upward momentum may very well be confirmed. Ought to this occur, the token could go as excessive as reaching $4.76 as soon as extra.
In the meanwhile, FTT wants extra shopping for strain whether it is to intention at $4.76, based mostly on indications from the Exponential Transferring Common (EMA). At press time, the 9 EMA (blue) proven under, had jumped above the 20 EMA (yellow). That is usually a bullish signal.
However the crossover didn’t appear convincing sufficient as 20 EMA appeared actually near the 9 EMA.
If the 20 EMA reaches the identical place because the 9 EMA, then FTT could consolidate round $4.30 to $4.35 within the brief time period. Nevertheless, if the 9 EMA extends its dominance, an increase in value may very well be believable.
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