The post <a href="https://coinpedia.org/price-analysis/ftt-price-fall-halts-at-50d-ema-will-buyers-make-a-comeback/" rel="noopener noreferrer nofollow">FTT Price Fall Halts at 50D EMA: Will Buyers Make A Comeback?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Marking the last week in the red, the bears crash the FTT price as they gain control at the overhead resistance of $5.56. With multiple bearish engulfing candles dominating the daily chart, the bullish gains clearout for remarkably.&nbsp;
Further, the FTT crypto traps multiple bulls with a fakeout rally of a rising wedge pattern and breaks the streak of higher-low formations. With this sudden crash, the chances of a prolonged correction for FTX are on the rise.&nbsp;
<figure class="wp-block-image size-large"><img width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2023/12/18123518/FTTUSD_2023-12-18_10-13-21-1024x483.png" alt="">
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Source – <a href="https://www.tradingview.com/x/P6FRyoCA/" rel="noopener noreferrer nofollow">Tradingview</a>
With a 35% downfall last week, FTT price action forms multiple bearish candles to breach below the $4 mark, reflecting a sharp rise in the selling spree. The increased supply pressure is clearly visible in the increased trading volume and warns of a deeper correction.
Crossing below the support trendline of the rising wedge, the fakeout gains momentum and retests the rising 50-day EMA. With the dynamic support in action, a short-term relief phase is observed in the FTT price trend.
Currently, the FTT price trades at $3.774 with an intraday jump of 4.63%, signaling a possibility of a bounce back. Considering the buyers manage to sustain the newfound momentum, a bullish comeback seems possible after a short consolidation.
Technical indicators:
RSI: The sharp fall in FTX market value results in a quick retracement in the daily RSI line, reflecting a sharp fall in bullish momentum. With the RSI indicator reflecting a selling spree in motion, the crypto may soon enter the oversold zone.&nbsp;
EMA: Following the golden crossover, the bullish trend in the 50-day EMA provides dynamic support to the retracement.&nbsp;
MACD: The bearish crossover in the MACD and signal lines blast off the trend reversal siren for the FTT crypto.&nbsp;
<h2 class="wp-block-heading" id="h-will-ftt-price-reach-2">Will FTT Price Reach $2?</h2>
As per the Fibonacci retracement levels, the ongoing correction trades between 38.20% and 50%. With a demand dominant zone near the 50% level at $3.28, the chances of further correction seem minimal. However, the increased selling resulting in a fall down can retest the 61.80% level at $2.74 or even $1.97 of 78.60%.
Conversely, a bounce back in FTX market value above the 38.20% level at $3.822 will result in a jump to $4.488.

FTT Price Fall Halts at 50D EMA: Will Buyers Make A Comeback?

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