The FTX token has registered a huge price increase in its portfolio in the past few hours, leading to a lot of speculation. The price surge was particularly fueled by a tweet from crypto influencer ‘Crypto Rover’, in which he claimed that the FTX exchange could return $16 billion to its creditors as of September 30.
Following this, Alamanda Research’s token “FTT” is up ~93% over the past 24 hours with a trading volume of $228.95 million, a jump of 2,263.3%. This has left investors in a FOMO-like situation with questions like “Why is FTT pumping?”
FTX price surpasses single-day inflows for the first time since November 9, 2023!
With the recent price increase, the FTT coin price has experienced a multi-level breakout. Moreover, after registering consolidated price action for a short period, this failed exchange has surpassed its resistance trendline and continued to reach its seven-month high.
The Relative Strength Index (RSI) has shown a sharp increase in the FTT price chart in the 1D time frame. This has led it to cross its overbought range, with the average trendline supporting price movement.
Furthermore, the MACD indicator has experienced a significant increase in its green histogram, with the averages recording more intense bullish action. This emphasizes that the FTX price will continue to gain value in the near future.
Will the FTX price reach this to $5?
In that case, if the speculations are correct, the FTT coin price could head towards the highest resistance level of $3,255. Maintaining the price at that level could set the stage for this collapsed stock to retest its $4 high in the near future.
However, there is no official confirmation from the official team regarding this claim. Furthermore, in the absence of strong, reliable sources, many investors are unsure of the authenticity of this claim due to the crypto influence on the “X” platform.
If the news turns out to be a hoax, it could result in a serious market correction. The FTX price could possibly experience a free fall-like situation and drop to the crucial low of $1 within a short time.
Worried about the future of the FTT token? Read our FTX Crypto Price Prediction
Credit : coinpedia.org
