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FTT Price Analysis for November 8

Tue, 11/08/2022 - 15:39
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Denys Serhiichuk
How long is fall of FTT going to last?
FTT Price Analysis for November 8
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Most of the coins keep going down, according to the CoinMarketCap ranking.

Top coins by CoinMarketCap

FTT/USD

FTT is the biggest loser today, falling by more than 30% over the past 24 hours.

FTT/USD chart by Trading View

On the daily chart, FTT has broken the last support level at $21.03 against the increased volume. Currently, there are no reversal signals, as the bar is about to close with a small or even no wick.

Related
BTC and ETH Price Analysis for November 7

In this case, the more likely scenario is a further decline to the psychological zone around $10.

FTT/USD chart by Trading View

On the weekly time frame, one should pay attention to the mirror level at $12.94. From the technical point of view, that might be the first stop at which bulls can locally seize the initiative. However, this can happen only if the approach to the level will be fast enough to create a false breakout.

FTT/BTC chart by Trading View

Analyzing the weekly chart against Bitcoin (BTC), one should point out the support level at BTC 0.0006949. It is the far retest level at which a bounce back might happen. In this case, a correction can lead to an upward move to the BTC 0.00080 zone.

FTT is trading at $15.13 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.