FTT Strong Counterattack, Targeting $5! Is the FTX Creditor Repayment Plan a Booster?
FTX announced a creditor repayment plan of up to $8 billion, expected to launch in March 2025, and this news has become a catalyst for a significant increase in FTT prices. Within 24 hours, FTT surged by 30%, trading volume skyrocketed by 284%, and market sentiment turned bullish, with a short-term possibility of testing a new 52-week high.
The introduction of the FTX creditor plan has reshaped market confidence, providing strong support for FTT prices and suggesting that FTX may regain investor attention.
Strong SMA Support: On the daily chart, FTT steadily rises relying on the simple moving average, indicating sufficient momentum for further increases. RSI Approaching Overbought Zone: RSI is nearing overbought levels, which may pose a risk of a pullback in the short term, but the overall trend remains optimistic.
If it breaks through the resistance level of $2.65, FTT will directly test $3.25 and pave the way for a challenge at $4. However, if it falls back to the support at $2, there is a need to be cautious of a downward risk below $1.60.
Can FTT Become the "King Bomb" of the Bull Market?
FTT rebounded about 125% after hitting bottom in July, and this upward momentum may indicate that the market is beginning to price in FTX's "recovery." However, it is important to note that there are still uncertainties with the creditor plan, making it more suitable as a short-term speculative target at this stage.
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