FTT Technical Analysis: Will Bullish Outbreak Crush Flag Pattern And Touch $58?

FTT coin price shows a bullish breakout of the $47 mark creating a flag pattern near the $50 mark. Will the uptrend continue to give a flag pattern breakout? Key technical points: FTT prices have increased by 1.23% in the past 24 hours. In addition, the 100 and 200-day EMA give a bullish crossover. Finally, the 24-hour trading volume of FTX Token is $144 Million, marking a 53% rise. Past Performance of FTT FTT coin price action resonated between the $40 and $47 marks, resulting in the sideways trend in the EMAs. However, the price action shows a remarkable, bullish reversal from the $40 mark resulting in the $50 breakout. The post-rally retracement forms a flag pattern in the daily chart. Source-Tradingview FTT Technical Analysis If the buying pressure results in the flag pattern breakout, the FTT coin price shows a high potential of reaching the $60 mark. However, the bulls’ rise in trading volume is a must to undermine the selling observed above $50. The crucial daily EMAs (50, 100, and 200-days) project a bullish crossover of 100 and 200-day EMA after the recent golden crossover. Hence, the EMAs regain the bullish alignment in the daily chart. RSI Indicator: The RSI slope falls from the overbought territory and breaks beneath the 14-day SMA, reflecting the surge in selling pressure. However, the price action sustains near the $50 mark. MACD Indicator: The MACD and signal lines give a bearish crossover and initiate the negat...