- The 24-hour trading volume has witnessed a massive surge of 3600%.
- The FTX token price displayed a bullish spike of 110% on 29th September.
FTX Token (FTT) price has experienced a massive surge and recovered from almost a year of losses in a day. The FTX token price has been struggling at the bottom for the past few months.
Moreover, it has triggered a breakout from a descending trendline and showed a bullish spike of 110% in a few hours.
Since March, the FTT crypto price has declined due to resistance from a descending trendline. During the bearish trend, the price has often respected the psychological level of $1. It formed a base and generated a buying scenario.
FTT token Price Has Shaped a Descending Triangle and Witnessed a Breakout
When writing, the FTX Token price was trading at $2.14, which has witnessed a mild fall of 2.45%. The market capitalization was $700.31 Million, and the 24-hour trading volume was $359.07 Million. The market cap and trading volume increased by 49% and 3600%, respectively.
The FTT price was extremely bearish in a broader time frame. However, buyers made a pump of more than 100% in the short term. This bullish momentum has extended to the 200-day (exponential moving average) EMA and showed a pause in the short term.
The FTX token price has triggered a breakout from the triangle pattern and risen by showing a small pullback from the 20-day EMA. The price wandered around the 200-day EMA, which could be crucial to the momentum.
It could attract big players if the FTT crypto price starts trading over the 200-day EMA with good volume. Once the price surpasses the recent high, strong buying momentum can be anticipated for the long term.
Based on the technical chart, the price dropped by 26% after the spike, indicating the lower scale profit booking. If the digital asset price slips below the 200-day EMA and sustains, it could create fear among the buyers. Once the price loses the $2 mark, the recent pump may be erased in a few weeks.
FTT Crypto’s Distribution Impact on Its Price
Jim Rohn (@Jim_Rohn_) is a cryptocurrency analyst who has shared his thoughts about the FTX token. He claimed that the FTX token has been about to distribute $16 Billion to its creditors since Monday. Ahead of this, the FTX token surged by 110% in a day.
FTX will begin distributing $16 billion to its creditors starting on next monday!
— Jim Rohn (@Jim_Rohn_) September 29, 2024
Most of that liquidity will come back into #Bitcoin & #Altcoins.
What do you think about it ?$FTT #FTX pic.twitter.com/cTprJvhXuT
This might bring liquidity to Bitcoin and altcoins. The total creditor’s claims are $11,745; the recovery is 123% (low) and 138% (high).
FTT Price Analysis Based on Chart Structure
The FTX Token price has experienced a significant surge in price, with a 110% increase in just one day. The trading volume also saw a massive surge of 3600%, indicating heightened market activity.
The FTT price has shown bullish momentum, breaking from a descending trendline and surpassing the $2 mark.
However, it’s important to note that there has been a mild fall of 2.45% at the time of writing. The price movement around the 200-day EMA will determine further momentum. It may attract significant market players if the price can sustain above this level with good volume.
On the other hand, a drop below the 200-day EMA could create fear among buyers and lead to a potential decline below the $2 mark. It will be essential to monitor the price movement closely to assess the long-term prospects of FTT.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
