This is why the FTT coin is pulling!
The FTX token has recorded a significant price increase in its portfolio in the past few hours, which has sparked a lot of speculation. Notably, the price rally was triggered by a tweet by crypto influencer “Crypto Rover” stating that the FTX exchange may pay $16 billion to creditors as of September 30.
Following this, Allamanda Research's native token “FTT” token rose ~93% in 24 hours with a trading volume of $228.95 million, up 2,263.3%. This leaves investors wondering, “Why is FTT pumping?” You go into a FOMO-like state with these questions!
From 09 Nov 2023 FTX price is high for 1st time one day income!
With the recent price increase, the FTT coin price experienced a multi-level crash. Moreover, after a brief period of strong price action, this failed exchange broke the trendline resistance and achieved a 7-month high.
The Relative Strength Index (RSI) has shown a significant increase in the 1D time frame on the FTT price chart. This resulted in an average trend that supported the price trend by breaching the overbought territory.
In addition, the MACD indicator experienced a sharp rise on the green histogram, with the averages registering an intensified bullish action. This suggests that the price of FTX will continue to appreciate in the near future.
Will FTX Price Reach $5 This Uptober?
If the speculations are correct, then, the FTT coin price could head towards a high resistance level of $3.255. Keeping the price at that level could pave the way for this battered currency to retest the $4 high next time around.
But there is no confirmed confirmation from the official team regarding this claim. Moreover, due to the lack of strong reliable sources, many investors are not sure of the validity of this question due to the impact of crypto on the “X” platform.
If the news is proven to be fake, this could lead to a severe market correction. The price of FTX may experience a free fall-like situation and may drop to the critical low of $1 in a short period of time.
Concerned about the future of FTT Token? Read our FTX Crypto price forecast
