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FTT Price Analysis for November 8

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Tue, 8/11/2022 - 15:39
FTT Price Analysis for November 8
Cover image via www.tradingview.com

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

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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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