FTX Token (FTTUSDT) 24-Hour Market Overview

Summary
• FTTUSDT surged 5.3% to $0.8834, hitting a 24-hour high of $0.915 after breaking $0.88 resistance.
• A sharp $0.858–$0.915 swing created strong support at $0.875 and resistance near $0.90.
• Volume spiked 10x during the $0.889–$0.858 drop, signaling bearish divergence with price.

Market Performance (24 Hours)

FTX Token (FTTUSDT) closed at $0.8834 as of 12:00 ET on July 16, up 5.3% from its 24-hour open of $0.8634. The token hit a 24-hour high of $0.915 and low of $0.858, with total traded volume of 387,232 FTT and $330 million in turnover.

Technical Analysis

Structure & Formations

The price broke above $0.88 resistance on July 16, forming a bullish engulfing candle at $0.8808–$0.8839. However, a sharp $0.889–$0.858 drop on July 16 created a potential support zone between $0.875 and $0.86, while the $0.90–$0.915 area remains key resistance.

Momentum Indicators

The MACD line crossed above its signal line during the $0.88–$0.915 rally, but RSI briefly hit overbought (75+) before retreating. This suggests exhaustion at highs, favoring a pullback toward $0.875 or $0.86 support.

Bollinger Bands & Volatility

Bollinger Bands expanded during the $0.88–$0.915 surge, with price touching the upper band at $0.915. A post-rally contraction and price settling near the lower band at $0.875 indicate waning momentum.

Volume & Turnover

Volume spiked to 105,348 FTT during the $0.889–$0.858 drop (July 16 02:45 ET), exceeding the 24-hour average by 180%. This divergence with price’s brief rebound suggests persistent selling pressure.

Fibonacci Retracements

A 38.2% retracement of the $0.858–$0.915 swing sits at $0.893, while 61.8% aligns with $0.880. A close below $0.875 could target 78.6% retracement at $0.868.

Outlook

FTTUSDT may consolidate near $0.875–$0.880 ahead of a directional break. A sustained move above $0.90 could target $0.915 resistance, but bearish volume divergence and overbought RSI pose risks of a deeper pullback toward $0.86. Investors should monitor $0.875 support and $0.90 resistance for clues on the next move.

Caveat: Volatility remains elevated due to recent swings; stop-loss placement below $0.865 is advised.