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Is the FTT token a buy after rising past a resistance zone?

ByNdasi Tata

Jul 19, 2022
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NFT FTX Token

  • FTX crypto exchange has remained highly stable in the wake of a market crash

  • FTX’s native token FTT is bullish, adding more than 16% in a week

  • FTT has broken a key resistance, and buyers could be preparing to add positions

FTX crypto exchange’s token FTT/USD is bullish. The token was up by 4.43% in the last 24 hours, taking total gains in the week to 16.41%. Investors should take note that the token has blasted a key resistance and is aiming higher.

As most cryptocurrencies stumbled recently, fears spread across the sector. Some crypto exchanges, starring a possible liquidity crisis, announced cost-cutting measures. That saw exchanges such as Crypto.com announce a reduction of staff to stay liquid.

However, FTX crypto exchange liquidity remained intact. Its founder, Sam Bankman-Fried, even hinted at bailing out struggling crypto firms. It reassured investors that FTX remained stable. This could have ignited interest in its crypto token FTT. 

FTT embarks on a bullish breakout as price turns bullish

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Source -TradingView

Technically, the FTT token has breached a key resistance at $28. The breakout happened after the cryptocurrency remained bullish for the past week. We now need to wait for the closure of the daily candlestick to confirm a bullish move. If the candlestick collapses below the $28 level, the price could slide. However, the crypto sentiment remains strong, and FTT could already be embarking on a bullish push.

 Investors can buy FTT after the confirmation of the bullish momentum. The next key level to watch will be $32.5.

Concluding thoughts

FTT is bullish as crypto sentiment improves. The crypto is backed by Sam Bankman-Fried’s FTX Exchange. FTX has been strong in the wake of a crypto crash. FTT will continue rising if a clear breakout above the $28 resistance occurs.

The post Is the FTT token a buy after rising past a resistance zone? appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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