FTX Token Eyes 2X Surge as Bullish Trend Builds, Analyst Predicts Break Above $5.50

• FTX Token surges from $1.50 to $2.58, briefly touching $2.80 before a slight 4.16% pullback in recent trading.
• Strong buying interest pushes FTX Token higher, forming key structural points with higher highs and higher lows.
• RSI at 72.77 hints at overbought conditions, while MACD suggests bullish momentum may soon slow due to narrowing signal lines.

According to JavonTM1, a crypto analyst on X, FTX Token (FTT) is showing signs of further price action. He noted that a potential 2X increase to $5.50 could still be on the horizon, and at the current pace, this move may occur swiftly. 

Recent activity has reflected strong buying interest, pushing the price toward critical resistance levels. The price trend remains upward, with buyers maintaining control, forming key structural points such as higher highs and higher lows.

Recent Price Movements Signal Strong Uptrend

FTX Token has seen a price surge in recent weeks, moving from approximately $1.50 to its current value near $2.58. The asset briefly touched $2.80 before retracing slightly. This pullback shows a 4.16% decrease in value as the token moves from its high of $2.8095 to the current price of $2.5801. The increased trading volume, with nearly 4.9 million tokens exchanged, suggests that interest in the token remains high.

The bullish market structure, marked by higher highs and higher lows, indicates continued upward movement. Buyers have consistently stepped in at support levels, preventing any downtrends.

Key Support and Resistance Levels to Watch

Currently, the nearest support level sits around $2.00, which had previously been a price barrier before the token’s breakout. If prices revisit this level and hold, it may indicate the market’s continued bullish momentum. 

On the upside, resistance is seen near $2.80, with the next psychological hurdle expected at $3.00. Breaking past this level could indicate further price increases. The market remains cautious, however, as failure to hold current levels could lead to a pullback toward $2.00 or lower. Maintaining momentum will be crucial to drive prices higher.

Overbought Signals Raise Caution

Notably, technical indicators are hinting at potential overbought conditions. The Relative Strength Index (RSI) stands at 72.77, suggesting that the asset may be due for a pullback or slowdown in bullish momentum. 

The Moving Average Convergence Divergence (MACD) indicator shows bullish momentum, though the narrowing distance between the MACD and signal lines suggests that the trend may moderate soon.