FTT Under Correction Warns A Drop To $2!

Sharp Decline and Fakeout Trend: FTT price experiences a significant drop of 35% last week, indicating a market value decline following a fakeout in a rising wedge pattern.

Resistance Challenge and Bearish Control: Bears take over at the key resistance of $5.56, leading to multiple bearish engulfing candles in the daily chart and a clear shift from bullish gains.

Potential Correction Phase for FTX: The current market trend suggests an increased likelihood of a prolonged correction phase for FTT.

Retest at 50-day EMA: FTT's fall to the 50-day EMA could be a crucial retest point, with potential for a bounce back if bulls can regain control.

Current Trading Scenario: FTT trades at around $3.774, up 4.63% intraday, hinting at a possible short-term recovery.

Technical Indicators Overview: The RSI indicates a selling trend, possibly entering an oversold zone. The EMA offers dynamic support, while the MACD suggests a bearish trend.

Possible Future Movements: The Fibonacci retracement levels show FTT trading between 38.20% and 50%. A further decline could test lower Fibonacci levels, potentially dropping as low as $1.97.

Bounce Back Potential: A recovery above the 38.20% level ($3.822) might lead to a rise towards $4.488.