FTX Token (FTT) Price Momentum Gathers Pace, Targeting Resistance Levels

Following a choppy sideways movement in April, FTT has seen renewed investor interest, with a sharp 13.98% daily price increase bringing it to $1.09.

FTX Token (FTT) is back in the news as its price momentum continues early May. Following a choppy sideways movement in April, FTT has seen renewed interest from investors. A sharp 13.98% daily price increase brought FTT to $1.09.

This sudden spike in trading activity, accompanied by a 420.89% surge in 24-hour volume, has piqued the interest of traders looking for a potential trend reversal.

While FTT remains closely observed due to its proximity to key resistance levels, the technical indicators and recent price behavior suggest a possible bullish continuation in the coming days. Investors will be closely monitoring the developments as the market prepares for another possible breakout attempt.

Support and Resistance Zones Shape the Price Path

Recent price action reveals that FTT is holding above key support levels, with $0.96 acting as a base for upward movement. Moreover, the $1.00 level served as a psychological and technical pivot point, highlighting the strength of buyers during the initial rally.

After reaching a high of $1.20, the price pulled back, showcasing strong selling pressure at that level. Local resistance at $1.15 also played a role in halting the rally, suggesting a potential short-term consolidation range between $1.09 and $1.20.

Significantly, the price showed an upward breakout from $1.03 before accelerating toward the resistance zones. This move, supported by a sharp increase in volume, signals growing confidence in the market.

The continued buildup above $1.09 suggests that bulls are not pulling back easily. As long as the price stays above $1.00, the chances of retesting the $1.15–$1.20 resistance zone remain high.

Analyzing the MACD, the histogram is turning positive and moving upward, hinting at early bullish momentum. Although both the MACD and signal lines are still in negative territory, the rising histogram suggests that momentum could shift favorably if the trend persists.

Meanwhile, the Relative Strength Index (RSI) stands at 44.35. While still below the midpoint, it is trending upward, which could indicate improving strength in the market.

Looking ahead, FTT is forecasted by coincodex analysts to trade within a range of $1.074 to $1.120 in May. The average target is seen at $1.10, supported by recent technical activity.

News data source: kdj.com

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