#FTXToken (FTT) is on a major parabolic run that has pushed it to return profits to everyone who bought it at the start of the year. In a bid to sustain its latest uptrend, FTT soared as high as 53.30% with its price touching $4.10, a level that is by far the highest price point for this year.

Effectively, FTX Token has parred off all the losses it has accrued since the start of the year, a negative trend that came as a result of the implosion of the FTX derivatives exchange. Tracking the performance of FTX Token shows the main resurgence came in the past two weeks from the point Sam Bankman-Fried, the founder and former CEO of FTX, was convicted to date.
Perhaps, investors believed the negativity that surrounded FTX is now a thing of the past and attempts to face the future remain the key goal for now. With the excitement within the FTX ecosystem, the coin has printed seven-day growth of 250% and a monthly surge of 307%.
The consistency of these uptrends proves trust is gradually returning to FTT, an altcoin that once boasted of an all-time high (ATH) of $85.02.
Ultimate FTT trigger
The impressive bullish turnaround FTT has recorded in the past month comes after the news that the trading platform might be relaunched. Interested buyers have been narrowed down to include former President of the New York Stock Exchange Tom Farley, a figure that has been endorsed by the SEC Chairman Gary Gensler.
The perception is that key stakeholders believe the reactivation of FTX is possible when trust is regained and the new entity is made to follow existing safeguards. Notably, the exchange's current management has recovered as much as $7 billion to repay the firm's creditors, a move that has spelled a good omen across the board.
$FTT #ftx

Date: Tue, Oct 22, 2024, 04:52 PM GMT
In the cryptocurrency market today, Bitcoin (BTC) is experiencing volatility around the $67K level, causing many major altcoins to dip. However, FTX Token (FTT) has shown resilience, managing a small gain of 0.54% and currently trading at $2.05. Remarkably, $FTT has surged by 53% in the last 30 days, making it one of the standout performers recently.

Source: Coinmarketcap
Is a Breakout on the Horizon?
FTT is currently trading at $2.05 and is forming a symmetrical triangle on the 1-hour chart. This pattern suggests that a breakout could be imminent, as the price is locked in a tight consolidation phase. With momentum building, traders are watching closely for potential explosive price action.

Source: TradingView
There are two main scenarios to consider:
Breakout Scenario 1: FTT could break upwards, surpassing the downtrend line at the $2.10 level. If this happens, bulls might push the price higher, leading to rapid gains.Support Test Scenario 2: Alternatively, FTT might drop to its support trendline around $2.01. If it bounces back from there, a breakout could follow.
In either case, if FTT manages to break out from this symmetrical triangle, it is likely to approach its next key resistance level at around $2.15.
Conclusion
FTT's formation of a symmetrical triangle has traders on high alert for a breakout. The token's resilience, coupled with its recent performance, positions it as a potential mover in the crypto market. For investors and traders, understanding the implications of such a breakout could be crucial. If FTT breaches above $2.10, we might witness accelerated gains, in line with the bullish momentum it has demonstrated recently. Conversely, failure to break out could lead to a retest of lower support levels.
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Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before investing in cryptocurrencies.
#FTXToken #FTT #NFA