The FTX Token price plunged 8% in the last 24 hours to trade at $2.42 as of 00:25 a.m. EST on trading volume that surged 282% to $361 million.
This comes after a Delaware judge approved FTX’s reorganization plan, nearly two years after the organization collapsed into bankruptcy. The plan involves paying out more than $14 billion to customers of the collapsed cryptocurrency exchange.
FTX Token Could Continue Surging
The FTX Token price has been moving within an upward channel (highlighted by two parallel white lines) since late September. The price appears to be testing the lower boundary of this channel after a small pullback below the $2.58 support, according to data from GeckoTerminal.
This is typical in bullish trends where prices oscillate between support and resistance lines within the channel.
Despite the recent drop, the overall trend remains bullish, especially given that the price is still trading above the 50-day and 200-day Simple Moving Averages (SMAs), both of which slope upwards. The 200-MA at $1.59 is a critical long-term support level far below the current price.
Meanwhile, the Relative Strength Index (RSI) is dropping below the 50-midline level, currently at 48, which shows that sellers are now taking charge of the price.
However, since the RSI is at 48, it indicates a neutral stance. The price of FTX Token is neither overbought nor oversold. This suggests that there might be room for upward movement before the price becomes overextended, especially if the price continues to hold the channel’s lower trendline.
FTTUSD Chart Analysis Source: GeckoTerminal.com
FTX Token Price Prediction
According to the FTT/USD chart analysis of the 4-hour timeframe, the price of the FTX token aims to sustain the upward trend, as it has recovered from a recent downtrend under the rising channel. If this trend continues, the price of FTX Token could soar even further as the bulls target $3.5.
However, as the RSI shows signs of the bears prompting a sell signal, the FTT price may drop further to the $1.59 support (200-day SMA).
Meanwhile, investors looking for diversification options might consider the new meme coin Crypto All-Stars (STARS), which has raised over $2 million in its presale.
According to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, $STARS has the potential to soar 10X after its launch.
The Crypto All-Stars Presale Raises Over $2 Million – Best Meme Coin To Buy Now?
Crypto-All Stars is a breakthrough new project that allows investors to stake top meme coins on a single platform through its unique MemeVault protocol.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
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Holders of top meme coins can stake them on Crypto All-Stars and earn passive income in STARS.
Eleven meme coins can be staked on the platform after launch: Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk.
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You can buy $STARS tokens currently for $0.0014887 each. With a price increase coming in about two days, you should act fast to get the meme coin at the best possible price.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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