Token

bullish

Major

FTX Token

<p>The FTX Token (FTT) has surged by more than 30% over the past few days, raising concerns about the possibility of a major crash. After an impressive 10-day high that saw prices double, this sudden drop was driven by recent gains by traders.</p> 
<p>From September 29 to October 8, FTX tokens increased from $1.40 to $2.80, representing an increase of 100%. However, by October 10, the price dropped to $2.24, and within an hour the token fell another 1% to $2.24. The 24-hour trading volume is still above $60.42 million, which indicates active trading during this volatile period.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="455" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/ftt-1024x455.png" alt="FTT Token chart" class="wp-image-206385">
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   Source: <a href="https://www.coingecko.com/en/coins/ftx-token" target="_blank" rel="noreferrer noopener nofollow">coingecko</a>
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 </figure>
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<p>This sharp downward fall was caused as investors began to sell off after the token reached a key resistance at $2.7. Many traders recorded gains following the announcement of recent payment plans from FTX lenders, which initially drove the token up sharply and consequently sent the token’s price down sharply.</p> 
<p>Technically, the FTX token’s price is moving into a flag pattern, usually a signal of continued price movement, either bullish or bearish. Here we have a strong upside movement followed by correction now if the price holds support at $2.25 and moves up again we may see a bullish momentum with $2.7 as key resistance to breach.</p> 
<div class="wp-block-image"> 
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  <img loading="lazy" decoding="async" width="1024" height="463" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/image_2024_10_10T09_28_11_949Z-1024x463.png" alt="FTT token drops" class="wp-image-206450">
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   <a href="https://www.tradingview.com/x/3qztot6w/" target="_blank" rel="noreferrer noopener nofollow">FTT token drops 31%</a>
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<p>The Relative Strength Index (RSI) has fallen from overbought levels, indicating a shift to neutral territory.&nbsp;</p> 
<p>Also, the simple moving average (SMA) is approaching a bearish crossover, which conversely could indicate further losses ahead before any reversal.</p> 
<p>Despite a recent dip, the FTX token still boasts a 6% increase over the past week and a 74% gain over the past month. However, the question remains: Will the FTT recover? If bullish sentiment returns, the token could retest resistance at $2.65 and reach $3.25. Worse, continuing the sell-off could push the token towards critical support at $2.10.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>Also Read: <a href="https://www.cryptotimes.io/2024/10/08/sui-price-may-drop-soon-as-71-traders-go-short-on-binance/" target="_blank" rel="noreferrer noopener">SUI Price May Drop ‘Soon’ as 71% Traders Go Short on Binance</a></p> 
</blockquote>

FTX Token Down 31% in 2 Days: Is a Major Crash Coming?

The Crypto Times

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