FTT/USDC - (BUY) FTX could recover quicky towards 21$ in the next 2 quarters with FTX platform reopening

Market & Ticker: FTX – FTT/USDC 

Date: 01/12/2024 
 
Horizon / Timing: Tactical Mid-term / 1 to 3 months 
 
WARNING : The FTX token is subjected to high volatility. DYOR. 
 

Scenario:  

FTT is the Native token from the FTX platform which has been bankrupt 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 consensus leads by the reopening of FTX platform in 2025 after having proceed to the restructuring after bankruptcy. US remains a key target for FTX new reorganization especially after US election. 
 
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 5.35 and 8.00 as long as 1,80 remains a support valid – Keep in mind that the Token was trading around 100$ prior to the bankruptcy, the first fibonacci retracement stands at 21$, so this target could be reached with a reopen of the platform. 
 
 
WARNING : The FTX token is subjected to high volatility. DYOR. 

Technical Key Elements: 

- Auto similar move potential shows target at 5,35 and 8.00 
- RSI indicator is positive without divergence 
 
- Fibonacci key support is adjusted at 1,80 while the Elliot wave shows upside potential towards 8.00 and 21.00 

 
Trade Idea conclusion:  Buy 

Recovery target : 21.00 

Target 2: 8.00 

Target 1: 3.90 & 5,35 

Stop: 1,80 (Daily close) 

Chart: Daily Basis (Candle Stick) - Logarithmic  

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

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