FTX Token dropped to $14.56, hitting its lowest point in 1 year. Later, it recovered $3.82 and is now trading at $18.39.
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Bearish sentiment was sufficient to push prices below the known Fib level of $21.33 serving as intraday support. A crossing of the lower Bollinger Band® at $20.23 suggests further losses may follow for FTX. FTX broke through the $21.24 support line and dropped $2.85 below it. In contrast, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In FTX Token’s case, the index has fallen below 30, signalling that the asset is oversold.
Looking forward, FTX is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Ripple is down to $0.455, losing $0.011, after closing at $0.466 in the preceding trading session.
Other assets are showing positive performances as Binance Coin is up 13.95%. Having closed the previous session at $8.96, Chainlink USD is up 4.05% today to currently trade at around $9.33.
A year ago FTX reached a significant high of $65.36 but has consequently lost 66.23% since then. FTX is currently trading with a market cap of 2.45 billion with an average daily volume of 35.44 million.