Making its way to the top of CoinMarketCap’s trending list is FTT, which is the native token for the collapsed exchange, FTX. The token’s out-of-character gain in the last 24 hours, which has been a period that saw crypto prices marketwide fall as well, is the reason that the disgraced-platform’s native token has claimed the number one spot.
According to CoinMarketCap, FTT’s price surged more than 25% in the last 24 hours. Perhaps most intriguing is that FTT’s price surge comes at a time when the global crypto market cap is down 1.82% – taking the total to $1.16 trillion at press time.
FTT has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 25.94% and 26.24% respectively in the last 24 hours. Currently, the altcoin’s price stands at $1.52. This is a slight retracement from its daily high of $1.71.
There has been a dramatic surge in FTT’s trading volume over the last 24 hours as well. At press time, the daily trading volume for FTT stands at $99,443,263. This is a remarkable 1,128.91% increase compared to yesterday’s trading volume.
4-hour chart for FTT/USDT (Source: TradingView)
As can be seen on the 4-hour chart for FTT/USDT, the price of FTT broke the long-standing resistance level at $1.224 yesterday morning – rising more than 33% in the 4-hour cycle.
The altcoin’s price comfortably broke above the next key resistance level at $1.430 and was able to do the same with the resistance at around $1.60. FTT’s price then retracted to close just above the $1.60 mark at $1.604.
FTT’s price then made another move and reached a high of $1.740 before once again experiencing sell pressure that forced it to close at $1.516 yesterday afternoon.
Between yesterday afternoon and the early hours of this morning, FTT’s price has gradually descended towards the support level at $1.430. The altcoin received another injection of buy support in the latest 4-hour candle which propelled its price to a candle-high of $1.645.
However, traders and investors are likely recovering as much of their 2022 losses linked to FTX and FTT as they can. As a result, every pump that FTT’s price experiences going forward will most likely end with profit-taking from investors and traders.
Ever since its 33+% rise, FTT’s price has posted lower highs and lower lows on the 4-hour chart. The current 4-hour candle does, however, seem to be breaking away from this trend. There is still a lot of sell pressure present in FTT’s chart, as can be seen by the large wick positioned above the latest 4-hour candle at press time.
It may be best to not enter into a long position for FTT as the altcoin’s recent price pump is believed to be linked to the collapsed exchange’s founder, Sam Bankman-Fried (SBF).
Although this cannot be confirmed, the recent surge in FTT’s price, especially during a time when the majority of the market posted losses, is suspicious and traders and investors should do their own research before looking to buy FTT. This may be a final pump before the inevitable death of FTT.
A confirmation of this will be if FTT’s price closes below $1.5 in the next 24-hours. Should this happen, the remaining support before FTT’s price plummets is the aforementioned $1.430 level, which is also the current level of the 9 EMA line on the 4-hour chart.
On the other hand, should FTT’s price close today’s trading session above $1.540, then it will likely consolidate for the next 24 hours. Nonetheless, FTT remains a very high risk investment or trade, even in the context of the crypto market.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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