What is the main reason for the surge in FTT coins?
In the past few hours, the price of FTX tokens has risen sharply, sparking many speculations. Notably, the price increase was triggered after a tweet from cryptocurrency influencer "Crypto Rover" claimed that the FTX exchange may repay $16 billion to its creditors from September 30.
Subsequently, Alamanda Research's native token "FTT" surged by about 93% in the past 24 hours, with a trading volume of $228.95 million and an increase of 2,263.3%. Investors are caught in a FOMO-like situation and can't help but ask "Why is FTT rising?"!
FTX price hits the highest single-day inflow record for the first time since November 9, 2023!
With the recent price surge, the FTT coin price has experienced a multi-level breakout. In addition, after a short period of consolidation price action, the failed exchange has broken through its resistance trend line and further hit a new 7-month high.
Will FTX price reach $5 this October?
If the speculation is correct, then the FTT token price may fall towards its upper resistance level of $3.255. Maintaining the price at this level may lay the foundation for the collapsed exchange to retest its high of $4 in the future.
However, the official team has not yet officially confirmed this claim. In addition, due to the lack of strong and reliable sources, many investors are uncertain about the authenticity of the claim of cryptocurrency influence on the "X" platform.
If the news is confirmed to be false, it may lead to a severe market adjustment. The FTX price may experience a free fall and fall to a critical low of $1 in a short period of time.
However, this situation still needs to refer to the overall market, just like the reason why I wrote an article two days ago that the waterfall is coming!
