The cryptocurrency market has faced a significant downturn this week, with Bitcoin and other major altcoins experiencing substantial declines. Amidst this, FTX Token (FTT) has shown resilience with a notable weekly gain.
Cryptocurrency Market Situation
Since December 17, Bitcoin (BTC) has faced a sharp decline, reaching a low of $92,000 and currently trading just above $95,000. However, FTX Token (FTT) has managed a 10% weekly gain, including an 8% surge today, reaching a level of $2.99. This growth is attributed to recent developments in FTX’s restructuring plan, which have boosted investor confidence.
FTX Token Technical Analysis
Analyzing the FTT 2H chart, the token exhibits a repeating breakout structure reminiscent of its behavior from earlier this quarter. The chart reveals a falling wedge pattern, previously leading to a 70% rally. Currently, FTT is showing signs of mirroring this behavior and trading at $2.99. If FTT follows its previous breakout structure, it might experience a pullback to retest its lower support zone near $2.70.
Forecast and Expectations
FTT’s short-term price action will likely depend on its ability to maintain the current technical structure. If the token successfully pulls back to $2.70 and rebounds, traders can expect a rally toward $3.31, which serves as a key resistance level. A decisive break above this level could attract additional buying interest, opening the path toward $3.80–$4.00.
Despite the overall market decline, FTX Token shows potential for further growth, supported by technical indicators and improving sentiment. Continued positive momentum depends on holding key support levels and possibly breaking above resistance.
