Market Overview for FTX Token (FTTUSDT) – 24-Hour Summary (08/24–08/25 12:00 ET)

• FTX Token broke below key support at 0.885, signaling increased bearish momentum on the 15-minute chart.
• A strong volume spike observed after 19:45 ET, aligning with a sharp price drop to 0.87, suggests possible dumping or liquidation.
• RSI and MACD show overbought-to-oversold transition, with RSI dipping below 30, signaling potential for short-term rebound.
• Bollinger Bands show recent contraction from 0.90–0.92 to 0.87–0.89, suggesting a potential breakout or breakdown scenario.
• Fibonacci retracement levels at 0.889 and 0.879 appear to act as dynamic support/resistance, with price consolidating near 0.881.

Market Overview

FTX Token (FTTUSDT) opened at 0.9071 on 08/24 12:00 ET, reached a high of 0.9234, a low of 0.8702, and closed at 0.8812 by 08/25 12:00 ET. The 24-hour volume was 663,846.44 with a notional turnover of $583,659. The price action reflects strong bearish sentiment after 19:45 ET and a prolonged consolidation phase in the overnight hours.

Structure & Formations

Price action displayed a key breakdown below 0.885, a level that had previously acted as a support in the 15-minute chart. A bearish engulfing pattern formed at 19:45 ET, marking the beginning of a sharp decline to 0.87. The price has since found temporary support at the 0.88 Fibonacci retracement level from the earlier swing high.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both in downward alignment, confirming bearish bias. On the daily timeframe, the 50/100/200 SMA averages show the price is below all, with the 50 SMA crossing below the 100 SMA, reinforcing a medium-term downtrend.

MACD & RSI

The MACD line crossed below the signal line after 19:45 ET, confirming bearish momentum, while the RSI dropped to 28, indicating oversold territory. This suggests a potential short-term bounce could be in the cards, though the bearish bias remains intact.

Bollinger Bands

Bollinger Bands have contracted significantly, from a range of 0.90–0.92 to 0.87–0.89, indicating a potential breakout scenario. Price has been oscillating near the lower band, suggesting continued bearish pressure unless buyers step in to push it back toward the middle.

Volume & Turnover

The most significant volume surge occurred between 19:45 ET and 20:00 ET, where the price dropped from 0.9218 to 0.9073 on a 22,112.47 volume spike. This suggests large selling pressure, possibly from liquidation or algorithmic dumping. Volume has remained relatively subdued in the last 8 hours, with price consolidating near 0.881.

Fibonacci Retracements

Applying Fibonacci levels to the swing high at 0.9234 and low at 0.8702, the key levels are 0.889 (38.2%), 0.882 (50%), and 0.879 (61.8%). Price has found support at the 50% retracement and may attempt a bounce from this level or consolidate further.

The market may attempt to retest the 0.889 area in the next 24 hours, but bearish pressure remains high unless buying interest increases significantly. Investors should remain cautious of further dips to the 0.87–0.865 range and consider managing risk accordingly.