FTT Token (FTT) Price Prediction: Can FTT Rise to $3 In February?

FTX Token (FTT) price is up following news that the exchange will begin payments to Bahamas creditors on February 18. Despite this positive development, FTT is still fighting to maintain levels above $2 as technical indicators show mixed signals.

FTX Token (CRYPTO: FTT) price is showing mixed signals as technical indicators point to both bullish and bearish pressures.

While Relative Strength Index (RSI) and Bollinger Bands® indicate potential for an uptrend, Moving Average Convergence Divergence (MACD) suggests a bearish continuation.

Chart shows the token's price action over the past seven days, along with key technical indicators.

FTX Token price is attempting to recover following the recent announcement that the exchange will begin payments to Bahamas creditors on February 18.

The token has faced significant selling pressure since FTX's collapse, but recent developments may provide some support for FTT's price.

At the time of writing, FTT trades at $2.15, down 90% from its all-time high of $84.1 attained in March 2022.

Despite the losses, FTT has outperformed several other major cryptocurrencies in the past week, with Bitcoin (CRYPTO: BTC) declining 4% and Ethereum (CRYPTO: ETH) price falling 6%.

FTX Token technical analysis

The Bollinger Bands on the chart are widening, indicating increased price volatility. Currently, FTT price is trading within the bands, suggesting that the token's price movements are relatively contained.

However, a breakout above the upper Bollinger Band could indicate a potential rally, while a drop below the lower Bollinger Band may signify a deeper pullback.

RSI has recovered from oversold conditions, currently at 59.2. This indicator measures the strength and speed of price movements on a scale from 0 to 100. Readings above 70 suggest an asset is overbought and may be due for a pullback, while readings below 30 indicate oversold conditions and a potential price recovery.

With FTT’s RSI now at 59.2, it is nearing overbought territory but still has room to climb. If RSI crosses above 60, it could indicate further bullish momentum. However, if it starts declining, FTT may consolidate before making its next move.

ADX, a part of the Directional Movement Index (DMI), shows the strength of the prevailing trend, whether up or down. Values above 25 indicate a strong trend, and readings below 20 suggest weak or indecisive price action.

In this case, ADX is declining, indicating that the strength of the previous downtrend is weakening. However, it is important to note that ADX does not indicate the direction of the trend.

On the other hand, MACD is below the signal line and the zero level, indicating a bearish continuation.

This indicator measures the relationship between two moving averages and is used to identify potential trend changes. A crossover of the MACD line above the signal line typically indicates a bullish momentum, while a crossover below the signal line suggests a bearish continuation.