- FTX Token (FTT) plummeted more than 16% over the past 24 hours to trade at $4.31.
- A bullish ascending triangle formed on FTT’s daily chart, which could lead to FTT flipping the $5 resistance level.
- Technical indicators suggested that FTT has reached a peak and may drop in the next 24-48 hours.
FTX Token (FTT) suffered a major blow over the past day of trading. At press time, the cryptocurrency market tracking website CoinMarketCap indicated that the altcoin plummeted more than 16%. This dragged the altcoin’s price down to $4.31.
The altcoin also recorded a decrease in its 24-hour trading volume. CoinMarketCap data showed that FTT’s volume was down 19.59% – bringing it to $227.843 million.
FTT was, however, able to reach a high of $5.17 during the last trading session. Since then, it has undergone a strong correction to trade at its current level. Consequently, the cryptocurrency was trading closer to its daily low of $4.25.
Daily chart for FTT/USDT (Source: TradingView)
An ascending triangle has emerged on the daily chart for FTT/USDT. This is generally seen as a bullish chart pattern and suggests that the altcoin’s price may soon flip the $5…
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