In the cryptocurrency market, two controversial tokens, FTX Token (FTT) and Terra Classic (LUNC), are showing signs of recovery after weeks of significant corrections.
FTX Token (FTT) Situation
The weekly chart for FTX Token (FTT) indicates consolidation within a descending triangle pattern. The recent downtrend began on December 2 after a rejection at the $4.40 resistance trendline. The price moved to a crucial support zone at $1.90-$2.10 but steadied at $2.07. If buying momentum increases, FTT could retest its resistance trendline and potentially rise toward the $3.50-$4.00 range in the coming weeks.
Current Dynamics of Terra Classic (LUNC)
Terra Classic (LUNC) is also consolidating within a descending triangle. A downtrend began on December 2 after rejection at the $0.00018 resistance trendline. The correction reached a support zone at $0.000046, and the price now trades around $0.000075. If the trend holds, LUNC could rise to $0.00013 if it overcomes the 50-day SMA.
Is a Trend Reversal Possible?
Both FTT and LUNC show resilience at support levels, hinting at a possible trend reversal. However, their future moves depend largely on the broader market, especially Ethereum (ETH) and Bitcoin (BTC) dominance. If ETH continues its recovery and BTC dominance decreases, tokens like FTT and LUNC could gain momentum. Nonetheless, they remain highly volatile, so monitoring key resistance levels and trading volumes is crucial.
The recovery of FTT and LUNC in the crypto market looks promising but needs further observation. Traders are urged to exercise caution, as both assets remain highly volatile.
