It’s been almost a month since FTX Token is being dragged by the bears. On April 17, the trading price of FTX Token was at the 30-day peak price of $47.7 per FTT. This is when the bears launched their barrage of sales. The sudden attack of the bears completely overwhelmed the bulls and managed to cripple them.
Since that point, the trading price of FTX Token has continued to drop. If we look back at the April performance of FTX Token, we see that from April 17 down to April 30, FTX Token dipped to $38.87 per FTX Token.
Performance from May 1 until Now
FTX Token started its trade for the month of May at a trading price of $38.8 per FTT. From May 1 to May 5, FTX Token’s trading price continued demonstrating a zig-zag pattern. During this time, FTX Token continued oscillating between the ranges of $38.00 FTT and $39.50 per FTT.
The bulls and the bears were trying really hard to takeover FTX Token’s trend. For this, they continued applying the opposite force the moment the bulls or the bears formed a rally/dip.
However, over time, the investors started to grow impatient and uncertainty became a major factor. This resulted in pushing the trend into the negative corner, granting more power to the bears.
This is the reason why from May 5 until now, FTX Token has plunged from $39.49 per FTT to its current low of $29.23 per FTT.
Past 24-hour Performance of FTT and Trend Orientation
If we look at just the past 24-hour performance of FTX Token, we can see it has experienced an 11.72% price dip in that period alone. The dip has resulted making it obvious that the trend is extremely negative for FTX Token.
The technical analysis data shows that the RSI for FTX Token is exhibiting a score of 28.29. The summary scale for FTX Token is indicating a strong bearish trend, showing that over 80% of investors have strong selling sentiments.
The moving averages for FTX Token are indicating “strong-buy” sentiments and oscillators are indicating “neutral” sentiments.
FTX Token’s Descend to $17.81
The bears may attempt to benefit from the trend and the current market situation, which is also in very dire condition. The mainstream recognition seems to be going away from the crypto market given the current surge in the inflation rates.
People no longer have the money they had for extra purposes. Therefore, the investment level in the entire crypto-verse is going down. If the situation doesn’t recover, then the crypto-verse may continue crashing. This would eventually become a problem for FTX Token along with the rest of the crypto-verse.
With the crypto market experiencing constant downfalls, it wouldn’t be a surprise if FTX Token dips to $17.81 per FTT.