FTX Price Back To Multi-Month Support Of $22; Buy Again?

A V-top reversal from the $26.5 native resistance undermines the current restoration in FTX price. Since final week, the coin value registered a 17% loss, reaching the underside help of $22. Nevertheless, this accumulation zone ought to revive the bullish momentum for a possible upswing to $32.5.

Key factors

• The FTX value struggles to maintain above the $22 help zone
• A breakdown beneath the $22 help will intensify the seeing stress for a chronic downfall
• The intraday buying and selling quantity within the FTT token is $656 Million, indicating a 20% acquire.

Supply- Tradingview

Amid the continuing disaster surrounding the crypto exchange FTX, the costs revisit the multi-month help of $22. Over the previous 5 months, the altcoin has rebounded from this help a number of instances, indicating the trades are actively shopping for at this help.

Moreover, the every day time-frame chart exhibits the FTX coin has been caught in a range-bound rally for almost six months. Furthermore, this value vary is unfold from $32.5 resistance to $22 backside help.

Although in concept, an oblong sample normally helps the prevailing development, which is at present bearish. A every day candle closing beneath $22 would intensify the bearish momentum and proceed the downward spiral. Thus, the post-breakdown fall might possible hit the $20 psychological degree.

Nevertheless, if patrons managed to replenish the bullish momentum at $22, the altcoin might witness one other restoration cycle. A bullish reversal from the aforementioned help ought to push the FTX costs to $32.5 resistance in an excellent case state of affairs. 

Nevertheless, a possible bull run might face a number of resistance head, akin to $24, $26.5, and $28.84, earlier than hitting the $32.5 mark.

Technical indicator

Relative Energy Index: a bullish divergence within the daily-RSI slope displays the shopping for exercise is rising at $22 help. 

EMAs: the coin value buying and selling beneath the essential EMAs(20, 50, 100, and 200) accentuates an total downtrend. Furthermore, the technical chart exhibits the 100-day EMA has acted as a dynamic resistance throughout bullish upswings.

FTX Coin Worth Intraday Ranges

• Spot charge: $22
• Pattern: Sideways
• Volatility: Excessive
• Resistance levels- $24 and $26.5
• Help levels- $22 and $20