The FTX (#FTT🔥🔥 ) token has become a hot topic due to speculation surrounding FTX's plans to repay its creditors and customers. With a crucial hearing scheduled for October 7, investors have shown increased interest in FTT, driving its value up significantly.
Preparing for a 160% Price Surge
Ahead of the hearing, traders have been flocking to the #FTTToken , and its technical setup suggests a potential price surge of up to 160%. This increase could push $FTT to reach a 10-month high.
FTT Draws the Attention of Traders
Currently, the FTX token is trading at $2.23, reflecting a 64% increase over the past week. This rally is largely fueled by the anticipation of the October 7 hearing, where discussions on repaying creditors and customers will take place.
Sunil Kavuri, a representative of FTX's creditors, stated that if the court approves the repayment plan, creditors owed less than $50,000 could start receiving payments by the end of 2024. Those with larger claims may have to wait until mid-2025.
Increased Activity of Dormant Tokens
Data from Santiment shows that long-held tokens have started changing hands, signaling market anticipation. The token consumption metric, which tracks the movement of long-held coins, has seen a sharp increase.
Additionally, positive daily active addresses (DAA) for FTT, which measure asset price movements against daily active addresses, have risen by 25.46%, indicating growing demand for FTT.
This rally, accompanied by positive DAA divergence, is a bullish sign that suggests increasing interest and potential for further price growth.
FTT Price Prediction: All Eyes on the Court
The growing balance volume of FTT confirms a sharp increase in accumulation ahead of the October 7 hearing. The buying and selling pressure indicator is now at its highest level since December 2023, rising by 69% in the last four days.
If the on-balance volume (#OBV ) exceeds previous highs, it indicates that the token could break through resistance levels, signaling a strong bullish trend. Buyers are accumulating assets, which could lead to a price surge.
Should the court approve the repayment plan and buying momentum accelerates, FTT could break resistance at $4.91 and rise to $5.98, marking a 160% increase from its current price.
On the other hand, if the repayment plan is rejected, profit-taking activity could rise, potentially driving the price of FTT down to $1.
