Is FTT Ready to Break $50 in January?

FTX (FTT/USD) saw a sharp reversal after gaining over 25% over the past week. As such, investors are now looking for ways to get into FTX before it resumes its rally. FTX is a cryptocurrency exchange built by traders for traders. FTX offers innovative products including industry first derivatives, options, volatility products and leveraged tokens. The goal is to develop a platform that is robust enough for professional trading companies and intuitive enough for first-time users.

It looks like FTX will see a small pullback before continuing its rally. However, investors need to be cautious and wait for the right time to buy FTX. FTX was trading more than 30% below its December peak by the start of the rally last week, leaving FTX with a long way to go to erase December's losses. FTX has huge upside potential due to its steep decline in November and December, leading investors to expect the price to rise by as much as 40% in the coming weeks. However, FTX is under strong selling pressure at the resistance zone, so investors should wait for FTX to break this zone. So when is the right time to buy FTX?

A sharp rally started last week but FTX is now trading sideways and it looks like it will rally towards a major move in the coming days where it could break above resistance.

A strong resistance can be seen at USD 45. Therefore, investors should wait for FTX to break $45 before going long as FTX could reverse from resistance.

There is an increase in volumes indicating that a breakout will be seen soon.

Investors can set a target of $54 followed by $60.

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