(High Risk Warning) FTX target reached at 5,60 – Further speculative recovery expected

FTT BULLISH MARKET_MINDS

Market & Ticker: CURVE – FTX/USDT

Date: 24/11/2023

Horizon / Timing: Tactical Mid-term / 1 to 3 months

WARNING : The FTX bankruptcy proceedings are underway. The FTT token no longer has any use and may be liquidated by the estate to pay creditors. Please proceed with caution

Scenario:

FTT is the Native token from the FTX platform which is still in bankruptcy process after the scandal concerning Sam Bankman-Fried and the whole FTX organization.

(FOMO) However the FTT is still listed and continues to generate high volatility move offering opportunity (considering the very high risk related to this asset). The technical analysis can provide signal and element calling for probability to see a larger rise in a market consencus leads by the reopening of FTX platform in 2024 and recently with the obligation from Binance US and CZ to cease their operation in US opening the door for FTX next adventure to a quiet empty competitive landscape.

At the current price the upside potential of FTX Token could benefit from a global F.O.M.O pressure creating an irrational recovery towards 9.00 and 17.00 as long as 2,40 remains a support valid – 3,85 acting as first key support in case of direct bullish acceleration.

**WARNING : The FTX bankruptcy proceedings are underway. The FTT token no longer has any use and may be liquidated by the estate to pay creditors. Please proceed with caution. **

Technical Key Elements:

  • Auto similar move potential shows target at 17

  • RSI indicator is positive without divergence

  • Triangle Pattern is calling for a direct recovery above 3,85

  • Fibonacci key support is adjusted at 2,40 while the Elliot wave shows upside potential towards 5,60 and 9,00

Trade Idea conclusion: Buy - Conviction:

Medium (HIGH RISK TOKEN)

Target 2: 17.00

Target 1: 9.00

Buy: 3,85

Stop: 2,40 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

FTX.png

The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.

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