- FTX Token forms a Double Bottom pattern, indicating a bullish reversal following a prolonged consolidation near critical support levels.
- Increasing positive trading volume supports FTT’s price momentum, reflecting rising trader confidence as the breakout zone nears.
- A successful breakout from the current resistance levels could push FTX Token toward a 550% recovery, reaching $20 from its present price of $2.91.
FTX Token (FTT) has shown positive trading volume, signaling a possible bullish reversal for its price. Market indicators suggest that FTT may be entering the latter stages of a Double Bottom Pattern. This formation typically signals the end of a downtrend, leading to a price rebound. If the pattern is completed successfully, FTX Token could aim for a recovery above the $20 level, representing a 550% increase from its current price.
Double Bottom Pattern Signals Potential Reversal
A chart generated by Javon Marks shows FTX Token (FTT) forming a Double Bottom pattern following an extended downtrend. The price previously dropped sharply, creating a long consolidation period near support. A horizontal line at the bottom indicates the key support level. The resistance trendline slopes downward, representing a long-term bearish trendline that the price is now testing.
Source: Javon Marks(X)
The volume bars below the price chart reflect increasing buying activity as prices approach the breakout zone. Higher volume during this stage suggests notable market participation. The Relative Strength Index (RSI) at the bottom of the chart displays upward momentum, indicating strengthening buying pressure.
Positive Trading Volume Supports Momentum
FTT’s recent price action has been accompanied by increased positive trading volume. Rising volume during a potential reversal pattern is a key indicator of trader confidence. Coinglass data indicates that the FTT price is currently at $2.91, with an OI-Weighted Funding Rate of 0.010% as of December 17, 2024.
Source: Coinglass
Should the volume continue to sustain, it may support FTT in overcoming key resistance zones. Historically, such patterns tend to favor upward price movements when volume increases alongside price recovery.
Key Price Levels to Watch
FTT’s current chart structure indicates $20 as a major price level to monitor. If the Double Bottom Pattern materializes fully, FTT could witness a substantial price rebound. This would mark a climb of over 550% from its present value.
FTX Token’s chart and volume trends continue to reflect the possibility of a bullish reversal. Further confirmation of the Double Bottom Pattern remains crucial for price recovery above key resistance zones.
The post FTX Token (FTT) Eyes a Breakout: Will $20 Target Become a Reality? appeared first on Crypto News Land.
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