FTT’s price has surged in the last 24 hours; Recovery or emptying to come?
- FTT has made its way to the top of CoinMarketCap’s trending list.
- The altcoin has received a suspicious price pump of over 33% in the past 24 hours.
- This latest pump could be FTT’s last hoorah before its inevitable exit from the market.
FTT, which is the native token of the collapsed exchange, FTX, is making its way to the top of CoinMarketCap’s trending list. The token’s out-of-character gain over the past 24 hours, which was also a period that saw crypto prices plummet across the market, is why the disgraced platform’s native token has claimed first place.
According to CoinMarketCap, the price of FTT has jumped over 25% in the past 24 hours. Perhaps most intriguingly, FTT’s price surge comes at a time when the global crypto market capitalization is down 1.82%, bringing the total to $1.16 trillion at the time of the publication.
FTT also strengthened against the two crypto market leaders, (BTC) and (ETH), by 25.94% and 26.24% respectively in the last 24 hours. Currently, the price of the altcoin stands at $1.52. This is a slight retracement from its daily high of $1.71.
There has also been a dramatic increase in FTT’s trading volume over the past 24 hours. At press time, the daily trading volume for FTT stands at $99,443,263. This is a remarkable increase of 1,128.91% from yesterday’s trading volume.
4 hour chart for FTT/USDT (Source: TradingView)
As seen on the 4-hour chart for FTT/USDT, FTT price broke the long-standing resistance level at $1.224 yesterday morning – rising over 33% in the 4-hour cycle.
The altcoin price comfortably broke above the next key resistance level at $1.430 and was able to do the same with the resistance at around $1.60. FTT price then retreated to close just above the $1.60 mark at $1.604.
FTT price then made another move and hit a high of $1.740 before coming under selling pressure again which forced it to close at $1.516 yesterday afternoon.
Between yesterday afternoon and the early hours of this morning, the price of FTT gradually declined towards the support level at $1.430. The altcoin received another injection of buy support in the last 4-hour candle, which took its price to a high of $1.645.
However, traders and investors are likely recovering as much of their 2022 losses from FTX and FTT as possible. As a result, every pump that FTT price experiences in the future will most likely end in profit taking by investors and traders alike.
Since surging over 33%, FTT’s price has been showing lower highs and lower lows on the 4-hour chart. The current 4-hour candle, however, appears to be breaking this trend. There is still plenty of selling pressure in FTT’s chart, as seen by the large wick positioned above the last 4-hour candle at press time.
It may be best not to go long for FTT as the recent altcoin price pump is believed to be tied to collapsed exchange founder Sam Bankman-Fried (SBF).
Although it cannot be confirmed, the recent surge in the price of FTT, especially at a time when the majority of the market has been in losses, is suspicious and traders and investors should do their own research before looking to buy FTT. . This may be a final pump before the inevitable death of FTT.
A confirmation of this will be if the price of FTT closes below $1.5 within the next 24 hours. If this happens, the remaining support before the price of FTT drops is the aforementioned $1.430 level, which is also the current level of the 9 EMA line on the 4-hours chart.
On the other hand, if the price of FTT closes today’s trading session above $1.540, it will likely consolidate over the next 24 hours. Nevertheless, FTT remains a very high-risk investment or trade, even in the context of the crypto market.
Disclaimer: Views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their own research and due diligence. Any action taken by the reader is strictly at his own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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