After the FTX collapse, the price has remained in consolidation with no sign of volatility for weeks. Today, it shows strength as the price increased to $2 on Binance. The next few hours of trading will determine how long the gains can sustain.

As Bitcoin‘s price surged to $17300 today, FTT followed the pattern, and the price jumped by over 50%. This pump came immediately after the London session opening and went through a resistance-now-support level of $1.5 to tap a three-week high of $2.

The price has dropped and retraced toward the mentioned support level due to a slight cut in Bitcoin’s price. Meanwhile, this insane sudden increase appears like a pump-and-dump as gains could wash away in no time.

Trading and investing might still look scary and risky following the negative sentiments surrounding the asset lately. Still, it may recover to $3 if the price keeps increasing. 

There’s no doubt that the latest increase in the overall crypto market has had a positive impact on the FTT price. However, a massive sell-off should be expected if the price collapses below the $1.2 level.

Despite the past 24 hours’ gains, it must overcome the daily high of $2 before a short-term recovery is confirmed. The resistance level to watch above this daily high is $2.5. The following resistance is the $3.14 level. 

Although the daily volume indicator is dropping against the price on the 4-hour chart. There is a potential rebound level at $1.54 if the indicator continues to decline. 

The following support level to keep in mind is $1.3 – the daily low. Below this level lies $1.2. The psychological $1 level would be the next target for sellers if the market collapse.

Key Resistance Levels: $2, $2.5, $3.14

Key Support Levels: $1.54, $1.3, $1.2

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: burdnik/123RF // Image Effects by Colorcinch

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