FTX Token (FTT) Ranks Among the Worst Performers on Monday, Losing More Than 3.3%

FTX Token ranks among the worst performers on Monday, losing more than 3.3% against the slight gains seen among main crypto assets.

FTX Token (FTT) price analysis reveals a downtrend on Monday, with the token losing more than 3.3% against the slight gains seen among main crypto assets. However, FTT could find support at $1.4736.

FTT/USDT Daily Price Chart Analysis

The world’s 28th-largest crypto asset by market cap began Monday’s trading session at $1.733. FTT price then proceeded to hit an intraday high of $1.75 before dropping to a low of $1.69. At the time of writing, FTT is trading down 3.35% at $1.703.

Looking at the daily price chart, we can see that FTT price has been on a downtrend since early November. The token hit a high of $2.7 on November 8 before dropping to a low of $1.6 on November 23. FTT price then recovered slightly to hit a high of $2.1 on December 1 before dropping again.

The downtrend is likely due to a combination of factors, including the recent bear market, the FTX collapse, and the regulatory uncertainty surrounding crypto assets.

FTT/USDT 24 Hour Price Chart Analysis

FTT price analysis on the 24-hour chart reveals a downtrend with support at $1.4736. In case of further decline, the next support level is at $1.388. Resistance, on the other hand, is at $2.1252.

Relative Strength Index (RSI) is currently at 46.40, indicating that the asset is in the neutral zone. Average Directional Index (ADX) is at 14.93, indicating that the asset is in a weak trend.

FTT/USDT 4 Hour Price Chart Analysis

On the 4-hour chart, we can see that FTT price is trading within a Fair Value Gap (FVG) between $1.4736 and $1.733. This gap was created on November 23 when FTT price dropped sharply following the FTX collapse.

FTT price is currently approaching the lower boundary of the FVG, and a daily candlestick close below this level could indicate further weakness in the asset. In this case, the next support level is at $1.388.

On the other hand, if FTT price manages to close above the upper boundary of the FVG, it could indicate a resumption of the uptrend. In this case, the next resistance level is at $2.1252.