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FTX Token is expected to break out of a falling triangle, while SUSHI which fall below $15.8 and into another area of support at $15.1. Tezos could break south from a growing wedge trend and drop back to $6.18 support.
Meanwhile, BTC was valued at $60,449, with a $3.9 trillion 24-hour trading rate.
FTX Token [FTT]
After making lower highs and steady lows over the last few days, the price of FTX Token shaped a descending triangle. A fall below the bottom trendline and the 50-SMA (blue) was supposed to bring the price down to $49.1-support.
The 200-SMA (green), which was trading above $43, could also provide some relief in the event of a prolonged slowdown, but this was impossible. The price was currently sponsored on the hourly timeline by the 200-SMA, which formed the basis of the bottom trendline.
This indicated that the bulls would be able to keep $50 for a few more sessions before the collapse. The Awesome Oscillator dropped below the half-way point, indicating that momentum was on the sellers’ side. The OBV has also been slowly declining as some selling has been noticed in the industry.
SushiSwap was forced into the 4-hour chart after a breakout over the $15 mark, but losses were limited at the upper limit of $18.3. At $15.8, there was some encouragement, but the on-chain metrics favoured the sellers in the short term.
In a low volatility market, the Squeeze Sentiment Indicator shows increasing bearish momentum. As a result, even though the press-time assistance failed, sharp losses were not anticipated. Meanwhile, the Chaikin Money Flow indicator revealed that capital inflows had been declining over the previous five days.
On the 4-hour timeframe, a rebound from the $6.18 support moved Tezos higher, but a sharp sloping bottom trendline formed an increasing wedge pattern. In reality, a break from the routine was predicted to occur in the coming sessions.
After the MACD showed a bearish divergence, the price fell into the $6.18 support. The signal line had gained some ground on the fast-moving line at the time of publication. The RSI remained south of the overbought range, and a drop below 40 could indicate more short-term losses. In the event of a breakdown, support at $6.18 will come under renewed scrutiny.