The FTX token price continues its ascent higher and is currently trading at $61.3000 after setting a new high at 62.800 earlier today.
The FTX token (FTTUSD) is similar to Binance Coin and Huobi Token and is the native cryptocurrency of a trading exchange.
A relative newcomer to the space, the FTX platform launched in May 2019. A team of ex traders who were unhappy with functionality on mainstream exchanges instead decided to launch their own.
The exchange focuses on cryptocurrency derivatives and therefore differs slightly from some of its competitors.
The FTX token price has been in a strong uptrend so far in 2021. The volumes have steadily increased on the exchange, which has helped the token climb high up the crypto rankings.
The token is currently placed at #33 on the coinmarketcap.com list of Cryptocurrencies by valuation
The site shows that the FTX token has a fully diluted market cap of just under $21 Billion.
The FTX token price has consistently held a trend line that has been in place since January this year. Since the market broke higher in February, the trend has proven a strong support area, and the market has continued to a new high after each test of the trend.
The most recent touch was on the 25th of April, and therefore a new high was always a possibility.
The FTX price has achieved that new high this morning and is currently testing the top end of a smaller rising wedge formation which sits at the high of the day.
The setup for a long trade might come on a candle close above today’s high, and therefore I would suggest waiting to see how the daily candle closes before making a decision.
If the price fails to close above the trend line today, it may well pull back to the lower end of the ascending wedge at $57.9230. And if that level fails to hold, we may subsequently see the price back at the strong trend line support.
Because of the previous price action from the support level, at $48.400, dip buyers would likely emerge if the price approaches the level.
Only a close below this trend would leave me to believe the bull run is over. Therefore I maintain a bullish bias as long as the price remains above the line.
Follow Elliott on Twitter.
