FTX Token (FTT) surged 30.96% in 24 hours, hitting $2.64 with a $196.99M trading volume.
FTX announces a $16.5B creditor repayment plan, fueling FTT optimism.
FTX Token (FTT) soared to $2.64 today, marking a remarkable 30.96% price increase in the last 24 hours. The trading volume skyrocketed by 232.33%, reaching $196.99 million, reflecting strong investor interest.
FTT’s market cap stands at $869.28 million, with a 21.45% volume-to-market cap ratio. This significant surge comes as the global crypto market cap rose to $3.3 trillion, a 3.55% daily increase, fueled by Bitcoin nearing the $100K milestone.
The recent announcement of a $16.5 billion FTX repayment plan by March 2025 adds to the market optimism. With 328.90 million FTT in circulation, the token’s rally has caught the attention of traders as it tops today’s gainers list.
The broader crypto market is thriving, with daily trading volume climbing to $243.31 billion, a 19.29% increase. Bitcoin’s rise towards $100K has fueled market-wide confidence. The announcement of FTX’s $16.5 billion creditor repayments adds further optimism to FTT’s performance.
Bullish Indicators for FTX
FTX Token shows strong bullish momentum based on the technical chart. The price has surpassed the 9-day and 21-day moving averages (MA), with the 9-day MA at $2.08 acting as a key support level. This MA crossover indicates potential further upward movement. If the current rally continues, the next resistance lies at $3.00. Breaking this level could push FTT towards $3.50.
The moving average crossover and RSI levels indicate a strong bullish trend. FTT may continue to rally if the broader market sentiment remains positive and resistance levels are breached. Investors should remain cautious, as overbought conditions could lead to temporary price corrections.
On the downside, immediate support is around $2.00. If this level breaks, the price may retrace to $1.80. Traders should monitor these levels closely for potential breakout opportunities.
The Relative Strength Index (RSI) at 72.15 signals overbought conditions, suggesting a possible correction or consolidation in the short term. However, the RSI’s average of 56.27 reflects a steady recovery trend, reinforcing the bullish outlook.
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