FTT price has increased in the last 24 hours; Recovery or prospective discharge?
- FTT has made its way to the top of CoinMarketCap’s trending list.
- The altcoin has received a 33+% cryptocurrency tax in the last 24 hours.
- This latest pump could be FTT’s last moment before its inevitable exit from the market.
Making its way to the top of CoinMarketCap’s trending list is FTT, the native token of the crashing exchange, FTX. The token’s out-of-character gains in the past 24 hours, which was a period that saw cryptocurrency prices drop across the market as well, is why the disgraced platform’s native token took the top spot.
According to CoinMarketCap, the price of FTT has increased by more than 25% in the past 24 hours. Perhaps most interestingly, the FTT price hike comes at a time when the global cryptocurrency market cap is down 1.82% — bringing the total to $1.16 trillion at the time of writing.
FTT also strengthened against the crypto market leaders, (BTC) and (ETH), by 25.94% and 26.24% respectively in the last 24 hours. Currently, the price of the altcoin is $1.52. This is a slight bounce from the daily high of $1.71.
There has been a huge spike in FTT trading volume over the past 24 hours as well. At the time of publication, FTT has a daily trading volume of $99,443,263. This is a significant increase of 1,128.91% compared to yesterday’s trading volume.
4-hour chart for FTT/USDT (Source: TradingView)
As can be seen from the 4 hours chart for FTT/USDT, FTT price broke the long-term resistance at $1.224 yesterday morning – and it gained more than 33% in the 4-hour cycle.
The altcoin price comfortably broke above the next major resistance at $1,430 and was able to do the same with the resistance around $1.60. Then, FTT price fell to close above the $1.60 mark at $1.604.
FTT price then made another move and peaked at $1,740 before again experiencing selling pressure that forced it to close at $1,516 yesterday afternoon.
Between yesterday afternoon and the early hours of this morning, FTT price fell gradually towards the $1,430 support. The altcoin received another boost from buying support in the latest 4-hour candle that pushed its price to the candle’s high of $1.645.
However, traders and investors are likely to recover as much of their losses as possible in 2022 related to FTX and FTT. As a result, every pump FTT prices experience going forward will most likely end up taking profits for investors and traders.
Since rising +33%, FTT price has made lower highs and lower lows on the 4-hour chart. However, the current 4 hour candlestick seems to be breaking from the trend. There is still a lot of selling pressure on the FTT chart, as evidenced by the large wick placed above the most recent 4-hour candle at press time.
It might be best not to go long FTT as the recent altcoin price pump is believed to be related to the founder of the crashing exchange, Sam Bankman-Fried (SBF).
Although it cannot be confirmed, the recent rise in the price of FTT, especially during a time when the majority of the market has posted losses, is questionable and traders and investors should do their own research before looking to buy FTT. This could be a final pump before the inevitable death of FTT.
Confirmation of this would be if FTT price closes below $1.5 in the next 24 hours. If this happens, the support remaining before the FTT price drop is the aforementioned $1,430 level, which also represents the current level of the 9 EMA line on the 4-hour chart.
On the other hand, if FTT price closes today’s trading session above $1,540, it is likely to consolidate in the next 24 hours. However, FTT remains a very high risk investment or trade, even in the context of the cryptocurrency market.
Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
FTT price has increased in the last 24 hours; Recovery or prospective discharge? It first appeared in Coin Edition.