FTT Technical Analysis: Trendline Brings Reversal in Triangle

FTT coin price struggles to surpass the resistance trendline and falls back under the 200-day EMA. Will this retracement hit $40? Key technical points: FTT coin price struggles to sustain above the $40 mark. In addition, the RSI slope maintains in the nearly overbought zone. Finally, the 24-hour trading volume of FTX is $69 Million, marking a 12% fall. Past Performance of FTT FTT coin price shows multiple failed bullish attempts to sustain above the 200-day EMA generating a resistance trendline. The recent bullish growth of 13% with the double bottom breakout formed at the $40 mark fails to surpass the sellers at the trendline. The retracing trend shows a downfall of 2%, with a morning star pattern reflecting a high possibility of a trend reversal. Source-Tradingview FTT Technical Analysis FTT coin price shows the downfall taking the shape of a descending triangle with the base at $40. Therefore, a trend reversal can reach the bottom and account for a 10% fall. However, safe traders can wait for the 50-day EMA fallout for a better entry opportunity. The crucial EMAs (50, 100, and 200) maintain a bearish alignment, but the lack of spread indicates the possibility of a reversal if the buying pressure grows. Moreover, the falling price break the 200-day EMA and heads lower to the 50-day EMA. RSI Indicator: The RSI slope shows an uptrend in action with the correction sustaining in the nearly overbought zone. Furthermore, the 14-da...