FTX Token (FTT) Bullish Momentum Targets $5.50 as Analyst Predicts Massive Breakout Potential

• FTT has rebounded from strong support at $0.80-$1.00, establishing higher lows at $2.00-$2.40, indicating bullish control.
• FTT faces major resistance at $8.00, with potential to reach $10.00 if this level is breached amid sustained bullish momentum.
• 50-EMA above 200-EMA and RSI at 52.37 suggest short-term bullish momentum, with key support at $2.05 and $1.91 levels.

According to crypto analyst JavonTM1 on X, the FTX Token (FTT) is showing signs of bullish momentum. According to the analyst, FTT has maintained higher lows and is on track for a potential 150% increase, with price levels targeting $5.50. The token’s current momentum suggests a shift from a bearish phase to a possible uptrend, with critical levels supporting this outlook.

Higher Lows and Key Support Levels

FTT has established key support around $0.80 to $1.00, a solid foundation for its upward movement. This strong support level, where the price rebounded significantly, highlights a potential accumulation zone. 

Recently, FTT created a higher low around the $2.00 to $2.40 range, reinforcing the uptrend. This rise in support levels points to the bulls gaining control and preparing for a sustained upward push.

Resistance and Potential Price Movements

The $8.00 price level stands as a significant resistance. After testing this zone, the price retraced, suggesting that the $8.00 resistance will be a critical area to watch. If FTT can break through this level, it may pave the way for further gains, with targets of $10.00 or higher becoming realistic. The upward momentum could continue if market conditions remain favorable and the resistance is decisively breached.

Moving Averages and RSI Indications

At press time, FTT was trading at $2.06, with a 50-day Exponential Moving Average (EMA) at $2.05 and a 200-day EMA at $1.91. The 50-EMA is notably above the 200-EMA, indicating short-term bullish momentum. These EMAs suggest that FTT is supported at these levels, and traders are keeping a close eye on whether the price holds above them.

Additionally, the Relative Strength Index (RSI) stands at 52.37, reflecting a neutral to slightly bullish sentiment. A previous dip to oversold levels hints at a potential upward reversal, with the RSI now hovering near the 50 level, signaling cautious optimism.