Captain Faibik, a notable analyst on X, recently shared a bullish outlook for the FTX Token (FTT). He anticipates a midterm rally of +180%, setting a target price of $4. This analysis, based on the FTT/USDT daily chart, offers insight into potential market movements and investment opportunities.
The FTT/USDT pair currently trades within a descending channel. The price has formed consistent lower highs and lower lows, indicating a bearish trend. Presently, the price hovers around $1.366, close to the channel’s lower boundary. This level has repeatedly acted as strong support, preventing further declines. Notably, monitoring the volume for signs of accumulation or distribution is crucial, although the chart does not display volume data.
The chart suggests a potential breakout from the descending channel, which would signal a bullish reversal. If FTT breaks above the upper boundary of the channel, it could gain momentum toward the $4 target. This target represents an approximate +180% increase from the current price. Buying near the support level of the descending channel offers a favorable risk-reward ratio. The downside risk is minimal if the price remains above the lower boundary.
Binance Agrees to $2 Million Fine for Non-Compliance and Return to IndiaTo confirm this analysis, using additional technical indicators such as RSI, MACD, or moving averages is advisable. These tools help gauge momentum and potential trend reversals.
As of press time, FTT’s price is $1.26, with a 24-hour trading volume of $33,117,930. This marks a 5.95% increase in the last 24 hours and a 12.50% rise over the past week. FTX (FTT) is outperforming the global cryptocurrency market, which is up 2.10%, and similar FTX Holdings cryptocurrencies, which are unchanged.
The highest price ever recorded for FTX (FTT) was $84.18 on September 9, 2021. The current price is 98.48% lower than this all-time high. This significant drop from the peak highlights the potential for substantial gains if the bullish rally materializes. Entering a position near the current price offers a low-risk opportunity with a stop loss set just below the channel’s lower boundary. The upside potential significantly outweighs the downside risk, provided the market conditions remain favorable and buying pressure sustains.
