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For the next few sessions, FTX Token was expected to consolidate between $38.7 and $35.08. Meanwhile, the altcoins NEM and Tezos resumed their restricted channel travel.
FTX Token [FTT]
After breaking records, FTX Token demonstrated signs of fatigue as it dropped below several support lines. Support at $32.2 eventually cushioned losses and fueled a 4-hour rally. Although OBV saw some purchasing action at $23.2-support, the index was still a long way from when FTT was at its all-time peak.
An ADX reading of less than 17 and low trading volumes pointed to a spell of consolidation ahead. Sharp shifts on either side of the current channel will almost definitely result in a change in energy in favour of the side that initiates a breakout.
A fast pullback on March 12 appears to have stymied NEM’s bullish momentum since the beginning of 2021. Given the market’s rangebound movement since the pullback, advances have been difficult to come by. At the time of publication, Bollinger Bands were flattened as market uncertainty stayed minimal. Awesome Oscillator, on the other hand, was bullish-neutral.
In the plus hand, the current area provided long-term traders with a subsidised price level. A break below the current channel will result in a lower price at $0.255-support. To consider a bullish revival, NEM must first crack beyond its press-time resistance.
Tezos was trading at the equilibrium point of its horizontal channel at the time of publication. As the price oscillated between the two trendlines, the new channel acted as a battleground for sellers and buyers. Traders who want to profit from the latest market trend should purchase at support and sell at opposition. When the price breaks out of the channel, new buy/sell positions may be signalling.
If XTZ breaks out to the upside, it will most likely jump towards the $5 range, where it last saw over a month ago. A downward breakout, on the other hand, will illustrate support at $32.2. However, with the Amazing Oscillator signalling poor momentum and the RSI remaining largely neutral, a breakout was impossible in the coming sessions.