The FTX token has recorded a massive price surge in its portfolio in the past few hours raising many speculations. Notably, the price rally sparked following a tweet by a crypto influencer “Crypto Rover” claiming that the FTX exchange could be repaying $16 billion to its creditors from 30th September.
Following this, Alamanda Research’s native token “FTT” token has soared ~93% in the past 24 hours with a trading volume of $228.95 million, a jump of 2,263.3%. With this, investors have entered into a FOMO-like situation with questions like “Why is FTT Pumping?”!
With the recent price surge, the FTT coin price has experienced a multi-level breakout. Moreover, after recording a consolidated price action for a brief period, this failed exchange has surpassed its resistance trendline and has further achieved its 7-month high.
The Relative Strength Index (RSI) has displayed a sharp rise in its FTT price chart in the 1D time frame. This has resulted in its breaching its overbought range with its average trendline supporting the price trend.
Further, the MACD indicator has experienced a significant rise in its green histogram with its averages recording intensified bullish action. This highlights that the FTX price will continue gaining value in the coming time.
If the speculations are correct, in that case, the FTT coin price may head toward its upper resistance level of $3.255. Maintaining the price at that level could set the stage for this collapsed exchange to retest its high of $4 in the coming time.
However, there is no official confirmation from the official team concerning this claim. Moreover, with a lack of strong reliable sources, many investors are unsure about the authenticity of this claim by the crypto influence on the “X” platform.
If the news is proven to be hoaxed, this could result in a serious market correction. The FTX price could potentially experience a free fall-like situation and plunge toward its crucial low of $1 within a short period.
Concerned about the FTT token’s future? Read our FTX Crypto Price Prediction
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