The crypto industry has recently recorded a price jump following the FOMC meeting, but the market recently experienced a correction of over 3%, resulting in it leveling out gains of major cryptocurrencies. FTX token has recorded a significant loss in value as its price has lost over 10% in the past week.
The five-week-long trial has ended as Sam Bankman-Fried “SBF” has been found guilty of all seven criminal fraud counts. The tentative sentencing date has been scheduled for 28 March 2024. Following the news, the FTX price has experienced a fall of nearly 5% in value.
The FTX price has displayed constant fluctuations in its price during the last month. Following the start of the SBF case trials, the price recorded significant movements. The FTTs FTX token was trading positively for the first few days, after which the price lost momentum and experienced a drop in value.
The coin was trading in a consolidated range for almost two weeks. Following the market pump, FTX broke out of its important resistance level at $1.2145. FTX continued to gain value but was rejected at $1.3648, after which the token lost momentum, broke down its support level, and started trading sideways.
The MACD displays a constant red histogram, indicating weak buying and selling pressure for the coin. Further, the averages reveal a neutral trend, suggesting an uncertainty in future price action.
Will FTX Price Ever Go Up?
If the bulls manage to hold the price above the resistance level of $1.2145, the price will stabilize. Further, if the coin holds its price above that level, it will continue to gain value and attempt to break out of the symmetric triangle and rise to test its upper resistance of $1.2832 soon.
If the market regains momentum, the price will make a run to test its resistance level at $1.3648 in the coming time.
On the contrary, if the bears overpowered the bulls and the price broke down the pattern, it would lose momentum and fall to test its support level at $1.1277 soon. Moreover, if the bears continue to dominate the market, it will experience a price plunge and will test its support level at $1.0990 this month.