Is FTX Ready For An Exponential Jump?
In 2023, the FTT price is moving sideways, with frequent exponential bullish sparks along the way. However, the coin price fails to sustain the uptrend momentum and reverts to the baselines close to $1 each time.
Moreover, each uptrend in FTX Price begins with a trendline breakout that gives buyers a predictable entry spot.
With three skyrocketing moves in 2023, the FTT price shows two sharp moves with the trendline breakout. However, the recent trendline breakout struggled to rise above the $1 level, with the 50-day EMA as the overhead ceiling.
However, the FTT price finds a delayed spark in bullish momentum, leading to a price reversal with multiple bullish candles. The recent uptrend accounts for a 25% jump in the last 5 days and exceeds the 50-day EMA.
Currently, the FTX price trades at $1.29 with an intraday growth of 5.21%, creating a streak of bullish candles. However, the higher price rejection makes the overhead supply pressure as clear as the day.
As per the previous spikes, the FTT price reversal rally has the potential to reach the $2 mark before facing any significant setback.
MACD: The rising trend of bullish histograms in the MACD indicator projects a bullish rally. Moreover, the positive crossover of the MACD and signal lines gains a bullish gap.
RSI: The daily relative strength index (RSI) line spikes into the overbought zone and displays a solid underlying bullishness.
Will FTT Price Reach $2?
The overall FTT price action reflects a rounding bottom pattern in the daily chart with possibilities of an exponential price jump. Moreover, the positive cycle might cross above the $1.75 mark. Considering the uptrend sustains, the FTX token price can reach the psychological mark of $2.
On the flip side, a reversal below $1.25 will prolong the downtrend to the $1 mark.