FTX Token (FTT) Surges by Nearly 80% as Analyst Predicts Another 111% Gain to Hit $5.50 Soon

• FTX Token forms higher lows, signaling bullish strength with potential gains reaching $5.50, as noted by crypto analyst.
• EMA and MACD indicate bullish momentum, while RSI warns of potential overbought conditions and a possible near-term correction.
• FTT support sits at $1.25, with resistance near $5.00. Breaking above this level could push prices toward $6.00 and beyond.

JavonTM1, a crypto analyst on X, highlighted that FTT (FTX Token) has maintained a higher low for several months. Recently, the token responded with a near 80% daily surge. He suggested there could be more gains to come, with potential for a further 111% increase, possibly reaching the $5.50 level.

Strong Bullish Trend Emerges

The FTX Token has demonstrated a clear bullish trend. After hitting a low around $1.25, the price reversed, surging past the $5.00 mark, marking a higher high. This rally confirms that buyers regained control of the market. 

Notably, the price retraced but formed a higher low near $3.00, solidifying the bullish momentum. This higher low suggests that the uptrend is intact, with the price failing to fall below previous lows.

Following the higher low, the price entered a consolidation phase. This range-bound movement, seen between $2.50 and $3.50, indicates indecision as the market paused. However, the price recently spiked upwards, breaking past the $3.50 mark. This movement suggests strong buying pressure, signaling renewed bullish momentum.

Key Support and Resistance Levels

In terms of support, the token’s lowest point at $1.25 serves as a critical area. A drop below this level could signal a bearish reversal. However, the higher low at $3.00 is a key support level in case of future pullbacks. 

The recent surge faces resistance around the $5.00 mark, where traders might take profits. If the token surpasses this level, the next resistance could emerge around the $6.00 mark, indicating further bullish potential.

EMA, RSI, and MACD Indicators

The token’s Exponential Moving Average (EMA) shows a bullish outlook, with the price significantly above the 50-period EMA, which sits at $1.56. This suggests strong bullish momentum, but the gap between the price and EMA implies potential for a pullback.

The Relative Strength Index (RSI) indicates overbought conditions, currently sitting at 70.83. This suggests that while the token shows bullish strength, a correction could occur soon. Moreover, the Moving Average Convergence Divergence (MACD) reflects increasing bullish momentum, with the histogram widening and staying above the zero line.