FTT Price Rebounds Sharply From Falling Wedge Support
FTX Token (FTT) recorded a 17.1% price increase, rising from $0.5557 to $0.6511. The move followed a bounce from the lower support of a descending wedge formation. This chart pattern has been forming since early 2025, defined by a series of lower highs and lower lows.
According to Captain Faibik’s analysis, the FTT/USDT pair found support near $0.53 before initiating the recent upward movement. The price surged rapidly during the daily session, hinting at increased buying pressure. Technical traders often view descending wedges as potential reversal setups, especially when volume accompanies the breakout.
Traders Compare FTT’s Setup to LUNA and LUNC Movements
The recent price movement has drawn comparisons with that of other altcoins, such as LUNA and LUNC, which previously posted sharp upward moves after long periods of decline.
Captain Faibik, a known trader on X (formerly Twitter), stated, "Buying Some $FTT with Low Risk here… Expecting +50% PUMP like $LUNA & LUNC."
This comment reflects the growing sentiment that FTT could mimic the kind of short-term rallies seen in recovery setups. Although FTT remains well below its previous highs, the current technical setup has caught the attention of momentum traders.
The price still trades within the descending wedge pattern, and a confirmed breakout above the upper trendline near $0.75 could trigger further gains.