Cases against Sam Bankman-Fried on multiple conspiracy and bank fraud charges have officially begun. The prosecutor says the US has a strong case against SBF in the courtroom. While many people follow the case closely, FTT Token Its price started to rise again and gained over 9% in value last week. The collapse of the FTX exchange caused the market to lose billions in value and created a huge shock in the cryptocurrency industry.
While FTT Token consolidated in a certain range for a while, it recently gained momentum and started to rise. FTX Tokenhas been trading in a rising trend line for more than two weeks, indicating bullish strength.
EMA 50 and 200 continue to rise, providing clues that the price may rise further in the coming days.
The RSI has been trading above the midpoint since the beginning of the month, indicating great trading strength. Additionally, FTT Token made multiple attempts to break below the halving, but it bounced back, indicating that the price will continue to rise in the coming days.
Will FTT Token Begin to Recover?
If the bulls manage to sustain the price above $1,214, FTX Token will continue trading within an ascending trend line. Moreover, if the market experiences a bounce and the altcoin breaks out of the $1,278 resistance level, the price will continue to trade under the bullish influence and test the upper resistance level of $1,340.
However, if the bears control the market, a trend reversal is possible. This will reduce the momentum of the FTT token and cause it to experience a price decline. If it fails to hold above $1,214, the price will continue to decline and test the lower resistance at $1,150.