FTT Price Analysis: Oversold RSI Boast FTT Price For $38 Target

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-The FTX(FTT) price gave a massive breakdown from the monthly support level of $33.5 on May 9th, suggesting that the sellers are ready for a leg down to the $22.5 mark.
-However, an unexpected rise in todays retest candle suggests a possible fakeout.
-In early April, a failed attempt from the FTT buyers to sustain above the $48.5 mark triggered a new correction phase.
-The FTT price marched a steady downfall under the influence of a descending trendline and tumbled to a low of $29.67.
-As a result, this retracement rally has accounted for a 44.5% loss from the five-month high of $53.2.
-The crypto market has witnessed a strong sell-off in the past five days, resulting in a bearish breakdown from the January bottom support of $33.5.
-However, the following retest candle has appreciated more than the sellers expectation and teased a false breakdown.
-The FTT price is 14.7% high on the intraday level and currently trades at the $34.6 mark.
-If the buyer manages a candle closing above the $33.5, the resulting bear trap will pump the altcoin to an overhead trendline at ($38.5).
-However, a potential upswing would be challenging for buyers as a candle closing below the $33.5 mark will continue the ongoing correction.
-Moreover, the overhead dynamic resistance maintains a trouble barrier.
-The Flattish EMAs(20, 50, 100, and 200) are lined up in a bearish sequence suggesting that the sellers currently dominate the field.
-The oversold RSI on May 9th reflected that the sellers had extended the price correction to an adverse level.
-This triggered a price jump and pushed the FTT price above $34.2.

20210514 FTX 1200x675 1 FTT Price Analysis: Oversold RSI Boast FTT Price For $38 Target
FTT Price Analysis: Oversold RSI Boast FTT Price For $38 Target 2

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