The FTT price soared 59% in the last 24 hours to trade at $2.31 as of 00:34 a.m. EST on trading volume that skyrocketed 3,965% to $406 million.
This pump came after confirmation that a US Bankruptcy Court in Deleware will hold a hearing for FTX’s bankruptcy plan on October 7 at 10 a.m. EST.
FTX plan confirmation is set for October 7, 2024, at 10:00 a.m. Eastern Time.
Repayment in bankruptcy cases is usually sixty days after plan confirmation.
Pushing it at the end of the year https://t.co/wRXw3thEm1
— 𝘽𝘼𝙇𝘿𝙍® (@BaldrWear) September 29, 2024
At the hearing, the court will be able to confirm the Chapter 11 reorganization plan proposed by FTX and its related disclosure statement plan.
If the court confirms and allows the plan, it will enable FTX to pay over 98% of customers and unsecured creditors with interest based on the dollar price of the FTT token as of November 11, 2022.
FTT Price On A Sustained Bullish Rally
The FTT price was in a consolidation phase, trading on a sideways pattern within the $1.38 range, according to data from GeckoTerminal.
The token broke out from a period of consolidation (yellow rectangular box) around the $1.30-$1.40 range and rallied quickly to the $2.30-$2.50 region, peaking near $2.50. After this period of sideways consolidation, the price has surged explosively in the last few candles, forming a parabolic curve.
FTT now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which shows that the asset is currently on a sustained bullish trend.
The Relative Strength Index (RSI) is 77.72, which indicates overbought conditions and intense buying pressure on the asset.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is above the signal line (orange), and both are in positive territory, which is a bullish signal. The histogram shows strong positive momentum, reflecting the strength of this upward movement.
FTTUSD Chart Analysis Source: GeckoTerminal.com
FTT Price Prediction
According to the FTT/USD chart analysis on the 4-hour timeframe, the FTT price is currently on a sustained bullish stance. The MACD and RSI indicate strong upward momentum, which could push the price of FTT further through the projected 21% surge to $2.78.
An RSI above 70 typically signals that the asset is overbought and might be due for a pullback or consolidation, although it can stay overbought during strong uptrends. If the bears gain control here, the price of FTT will retrace back to the $1.64 support.
Meanwhile, investors might want to consider diversifying into a new meme coin casino project called Memebet Casino (MEMEBET Token), which has raised more than $337k in its presale.
YouTube channel Cryptonews, with over 10k subscribers, says that $MEMEBET Token could soar 100x after it launches.
Memebet Casino Heads For $500K
The Memebet Token straddles two of the hottest themes in crypto: meme coins, and GambleFi, and the project integrates these two sectors like no other crypto.
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A Project For The Degens
The project caters to the “degen” community, offering high-stakes gameplay, a global sportsbook that covers major leagues like the EPL and NBA, and a diverse selection of crypto-native games.
Big-name meme coins such as Dogecoin (DOGE) and Pepe (PEPE) can be wagered on the decentralized platform.
By acquiring $MEMEBET Token, you can easily unlock a range of benefits, which include a substantial play-to-earn airdrop, exclusive degen rewards, and VIP perks.
Bro's asking the right questions 🧐#MemeBet #Presale & #Airdrop soon ⏰
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Moreover, if you bet with a $MEMEBET Token, you can also increase your rewards through the platform’s play-to-earn system. You can wager more and get even bigger returns.
Its airdrop was announced to celebrate its early momentum. Token holders will have the chance to win a share of $10,000 worth of MEMEBET tokens, with ten lucky participants each receiving $1,000.
To join the presale, buy $MEMEBET Token on the official website here for $$0.0255 using USDT, ETH, or a bank card. With a price increase scheduled in 3 days, don’t wait too long to secure the best deal.
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