After closing at $25 today, FTX opened today at $25, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, FTX retains a distinct $24.3 to $25.32 daily range.
FTX Token fell below the $24.54 support zone and moved 11 cents beyond it; the next level of support with significant buyer interest is estimated at $24.06. FTX made an initial break below its 10 day Simple Moving Average at $24.84, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at $24.69, market bears have earmarked $24.25 as the next downside target. FTX's upper Bollinger Band® is at $26.35 which indicates a further downward move may follow.
In the short term, FTX Token is expected to maintain its recent downtrend and continue spiralling lower.
Positive performances can be seen by looking at other markets as MaticNetwork USD added 9.04% to its value, now trading at $0.952. Chainlink USD gained 6.05% and is now trading at $7.87. Algorand USD is up 5.61%.
FTX Token hit a significant low of $22.41 around 14 days ago, but has since recovered 11.62%. FTX Token has a market cap of 3.25 billion with an average daily volume of 13.64 million.