The last few days have been very tough for the market. We have seen -30%, -50% and even Terra (LUNA) which has lost all of its value. Even Bitcoin has lost, since May 05 about 29% in closing. But there are some that have withstood the fall and even better than Bitcoin. This is the case of FTT, the token of the FTX platform which recorded a maximum drop of 28.24%. Less than BTC. Can he continue to show strength with tonight’s closing? We will see that right away.
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FTT records a lower high on its latest close
After a large cash outflow which led to FTT to the 24 dollars, the price of the asset recorded a low at 29.67 dollars. It has thus, for five days, started an upward trend. However, this trend seems to be running out of steam. In effect FTT recorded a lower high than the previous one yesterday. Is this a sign of weakness? Or are we showing signs of the start of a sideways trend?
Yesterday’s candle closed at a strong disadvantage for the sellers although bearish. It could therefore act as a bullish pullback. But today’s candle appears to show broad bull weakness if the close does. Closing is going to be very important and we’ll see that in H4.
Buying weakness on the latest closings for FTT
Like I said, FTT withstood the drop in early May very well. It recorded a lower closing maximum decline than Bitcoin. This is a very good point for the FTX platform token. It seems to show some resistance to market declines, unlike other Altcoins. However, the closing of the last candle and the one that seems to be looming now do not bode well.
Although it is currently in an uptrend, FTT recorded a close just now that shows a candle in strong buying weakness. It also brought a first high lower than the previous one in H4. The current close seems to bring a second candle of the same type. We are currently on a bullish pullback which could be interesting. In addition, it would be necessary to make a trough lower than the previous one to validate a downtrend. But the current candle, combined with that of yesterday does not inspire me with anything good.
FTT to test its last closing low?
A zoom in hourly scale allows us to see that we made a close close on the interesting Pullback. We are currently going below. There are 17 minutes left in the writing of this paragraph. A bullish pullback here would be interesting. But the bottom lower than the previous one does not inspire a bullish scenario in me.
I think FTT is going to go retest the last recorded low at 31.14 dollars. And it will absolutely have to be kept closed. Otherwise FTT would go directly to test its H1 support at 30 dollars. If that happens, I wouldn’t be surprised if we go looking for liquidity at $28.89. A FTT fence above the 32.44 dollars would totally invalidate the bearish scenario.
Despite a big drop in recent days, FTT seems to be holding the tide. Still, the asset’s latest closes in H4 and H1 don’t show me any sign of the uptrend continuing. So I’m waiting for a retest of the last trough. Hoping that this holds the fence. Otherwise the hourly support reaches out to us. The fact remains that the FTX platform has quickly established itself and is now very well launched in the ecosystem, FTX Venture interests even a neo-bank. The FTT token, which is resistant even in the face of this kind of drop, has a bright future for me all the same.
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