, and the past week of trading took out a good chunk of said marketcap. The market structure was bearish, although a relatively low-risk buying opportunity could soon present itself.The descending channel saw what appeared to be a bullish breakout in the third week of June. But the $29 resistance level stood firm. In the months since then, the $29 and $32 levels of resistance have posed stiff resistance to the price movement.
A set of Fibonacci retracement levels were plotted based on FTT’s move from $23.25 to $32.64. In mid-August, the 23.6% retracement level was broken as support. The plunge that followed saw both the 38.2% and 50% retracement levels have both acted as resistance. In July, the $23.6-$24.5 region had acted as a support zone. At the time of writing, the price was at the same belt of support once again. The Relative Strength Index showed a value of 34, to highlight strong bearish momentum. The On-Balance Volume was also in a slight downtrend from the beginning of August, which showed the sellers possessed a slight advantage.On the two-hour chart, two key levels of support were highlighted in white. The one at $25.
The Accumulation/Distribution indicator saw a slight uptick in the past few days but not a strong surge. Hence, some buying volume was present but it wasn’t overwhelming.The retest of the key level at $23.7 could likely see a strong move upward. A lot of buy orders would likely be clumped up in this region of higher timeframe importance for FTX Token. Yet, the indicators did not show a reversal on the cards yet.
The $24.4 level also posed resistance on the lower timeframes for FTT. A move above this level and a bullish retest, or a dip to $23.5, could offer a relatively low-risk buying opportunity.Subscribe to get it daily in your inbox.