Connect with us


Cardano, Tron, FTX Token Price Analysis: 04 February



Source: Pixabay

Cardano broke out to the upside of $0.366 and was trading at $0.43 at the time of writing. Tron was consolidating underneath a level of resistance, and FTX Token had bullish momentum behind it that could propel the prices to $15.5.

Cardano [ADA]

Cardano, Tron, FTX Token Price Analysis: 04 February

Source: ADA/USDT on TradingView

Cardano was trading at $0.305 last week, a level of support that bulls defended and managed to push the price even higher. The subsequent week has seen ADA register gains amounting to 40%.

The Chaikin Money Flow was above +0.05 to show buyer dominance in the market. The DMI also showed a strong uptrend in progress.

Failure to rise above $0.44 on the second try gives some evidence to support a move down to $0.4 or even as low as $0.38, the previous resistance. This would likely be a pullback and not a trend reversal.

Tron [TRX]

Cardano, Tron, FTX Token Price Analysis: 04 February

Source: TRX/USDT on TradingView

TRX broke out of the range it was trading in but the RSI sank lower towards the neutral 50. This highlighted waning bullish momentum in the short-term and could see TRX consolidate beneath the $0.348 region of resistance over the next day or two.

The formation of higher lows for TRX alongside multiple retests of imminent overhead resistance suggested a bullish move was brewing for TRX. A trading session close above $0.35 on strong volume would indicate a bullish market conviction.

FTX Token [FTT]

Cardano, Tron, FTX Token Price Analysis: 04 February

Source: FTT/USD on TradingView

The $11.1 region formed good support for FTT and formed a launchpad for FTT’s climb back above $12.5 in recent days. The OBV has been in an uptrend over the past few days, while trading volume during the ascent past $11.5 has also been consistently above average compared to the previous week.

The MACD was also steadily climbing, showing bullish momentum. A target of $15.5 was projected for the bulls using Fibonacci 27% extension based on FTT’s rise from $7 to $13.

Where to Invest?

Subscribe to our newsletter

Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.