The FTT token is back in action as the broader market slows down as September concludes. With rising speculations that the $16 billion payment to FTX creditors will come soon, the market price concludes a long-coming resistance trendline.
Will this sudden increase in energy and the new legal attempts of SBF lead to a comeback for FTX this year? Let’s find out now in this price analysis.
With a massive surge in demand for the FTT token, the market price skyrockets almost 60% in a day. With the impressive success of the post-retest reversal, the massive bullish engulfing candle surpasses the $2 psychological mark.
Furthermore, it exceeds the crucial dynamic resistance of the 200-day EMA and a significant uptick in the 50-day EMA, facing a golden crossover.
The massive recovery run comes with the news of the bankrupt FTX exchange ready to start the repayment of $16 billion to its creditors. This sparks massive bullish speculation that will lead to an extended price surge.
The analysts believe the sudden massive repayment will likely boost the FTT bull run and the broader market with an inflow in Bitcoin and other top altcoins. Further, the recovery distributions will likely begin after one of the three omnibus hearings, dated Nov. 22, Nov. 28, and Dec. 12, 2024.
Despite the rising speculation, the SEC has raised concerns about the repayment plan and is likely to delay the process.
The recovery run in FTT price marks a 24-hour high at $2.94 and is currently trading at $2.14. Hence, the massive recovery takes a 27% pullback and shows an intraday correction of 2.74%. Nevertheless, the trendline breakout rally and the trend reversal tease a bullish continuation.
Based on the price action, the crucial resistances for the FTT price are $2.50, $3.13, and $3.76. On the flip side, the crucial support is present at the $2 psychological mark and $1.76.
Concerned about the FTT token’s future? Read our FTX Crypto Price Prediction
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