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FTT is the trading token used on the FTX platform.
If you’re bullish on FTX (and bullish on Sam Bankman-Fried), then FTT is one to watch; it enjoyed a huge rally last year and now looks primed to make a move after months of consolidation.
The weekly chart has just broken out of a downward trend, representing a powerful High-Time-Frame (HTF) breakout.
There are two key levels to watch:
$43 is the support zone.
$53 is the main breakout point.
As you can see, FTT has been ranging sideways for months. Now it’s entering a channel. As always, buyers should be looking to load up in support zones whilst keeping their eyes peeled for the breakout point!
A clear break of the $50-$53 region is when we’d expect to see significant volume coming in, which would mean a massive spike in volume and a quick run to the upwards side (taking FTT back towards the $60 to $80 region).