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FTT Price Prediction: FTX’s Creditor Payout Incoming
The recent announcement by FTX Digital Markets regarding the reimbursement of its creditors is set to have a significant impact on the price action of FTX token (FTT). As the news sparks renewed interest in the asset, investors and traders alike are left wondering about the potential implications it may have on the market.
Rising Interest in FTT Following this update, we’ve observed a substantial surge in trading volume, as well as a notable increase in the token’s price. This upward momentum has seen FTT rise by over 4.5% in the past 24 hours and currently trading near $2.
A significant outflow of $2.05 million worth of FTT tokens from exchanges within the last 48 hours has also been identified through data provided by Coinglass, a prominent on-chain analytics firm. The fact that this outflow is occurring despite the current market conditions suggests accumulation from long-term holders and investors.
FTT Price Action and Key Levels
According to recent price action, FTT has been trading within a consolidation zone between $1.84 and $2.30 for an extended period of time. It currently sits at the lower boundary of this zone. Based on historical price momentum, if the token manages to hold above the $1.83 level, there’s a strong possibility that it could rise by 100% in order to reach the $3.90 level in the future.
However, before reaching and rallying to this target, FTT will first need to overcome resistance at the $2.30 and $2.75 levels.
Source: coinpedia.org
