FTT Price Faces Repeated Rejection At $5! Has FTX Token Achieved Its Top?

The crypto market has started trading the month of December on a positive note as the BTC price has crossed its $40K mark and has recorded a new yearly high of over $42,000.

The FTT price has regained significant momentum as the price has recorded gains of over 435% Year-to-date (YTD). On the other hand, the price has faced repeated rejection at $5, indicating a strong liquidating point at that level.

FTX token traded in a narrow space between $1.1626 and $1.4606 for a while, following which the price gained momentum. The FTX price recorded a jump of approximately 220% within the next two days.

TradingView: FTX/USDT

The FTX token price then faced rejection at $4.7, after which the price lost momentum and experienced a price drop. The token recorded a drop of 36% in value, resulting in it testing its crucial support level of $3.

The price then traded sideways in a consolidated range between $2.8934 and $4.0396 for almost two weeks. The bulls then regained power and broke out of the range, but the price hovered close to the support/resistance level of $4.0396 for the next two weeks.

Recently, the price broke out of the resistance level but struggled to break out of its upper resistance at $5.0253, resulting in the bulls losing momentum.

The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating increased selling pressure in the market. Further, the averages show a bearish convergence, suggesting the price will continue losing will before attempting a bounce back in the coming time.

Will FTX Price Reclaim $5 Soon?

If the bulls push the price above the resistance level of $4.5439, the FTT token will regain momentum and prepare to test its upper resistance level of $5.0253 soon. Further, if the bulls maintain the price at that level, it will attempt to test its resistance level of $5.50 this month.

Conversely, if the price fails to hold the price, it will lose momentum and prepare to test its support level of $4.0396 soon. Moreover, if a trend reversal occurs, the FTT price will continue to lose value and test its lower support level of $3.4550.

Further, if the bears continue to dominate the market, the FTX token will plunge and test its low of $2.8934 by the year-end.

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