FTX Token Price Prediction It appears that FTT is up over 30% in less than 24 hours after CNBC suggested restarting the FTX exchange. The SBF thought it would be “a productive avenue for the parties to explore” to relaunch FTX and issue new FTT tokens.
On Friday, crypto trader and CNBC host Ran Neuner tweeted that the defunct FTX exchange should reopen, issue a new FTT token, distribute it to creditors and share all profits with token holders.
According to Neuner, “the largest exchange and users in the world will exceed the whole” once FTX comes back online.
More surprisingly, FTX co-founder and former CEO Sam Bankman-Fried commented that he agreed with Neuner.
“I think this would be a productive avenue for parties to explore! I hope existing teams do.
However, Billionaire received little praise from readers. A response to the SBF’s tweet said, “Let’s fix cheating with more cheating.”
On the other hand, some Twitter users criticized the scheme, calling it a Ponzi scam and suggested that SBF should serve his time behind bars instead of developing fresh FTX concepts.
About the FTX bankruptcy
For those who are new to the party, it all started early last month when Alameda Research, a subsidiary of FTX, held a massive amount of illiquid FTT coins. This was just one example of the unusually close relationship between the two companies.
A bank-run-like situation developed at FTX after major cryptocurrency exchange Binance announced the sale of its FTT token holdings, prompting the exchange to suspend customer withdrawals. FTX requested Chapter 11 bankruptcy protection on November 11.
In the month of November, FTT lost 94% of its value, falling to $1.31, wiping out billions of dollars from investors.
Many in the crypto industry have referred to the collapse of FTX as “crypto’s Lehman moment”, adding that it has led to the collapse of other major players such as lending platform Blockfi.
To cut a long story short, the market is getting positive vibes from the FTT relaunch, which has triggered risk-on sentiment, and this is driving a buying trend in FTT tokens.
FTX Token Price Prediction
The current FTX token price is $1.80, with a 24-hour trading volume of $57 million. In the last 24 hours, the FTX token has gained more than 30% and is currently ranked #209 on CoinMarketCap with a live market cap of $591 million.
On the technical front, the FTT/USD pair climbed above the $1.0310 support level, and it is likely to face an immediate resistance at $1.9245. On the upside, a bullish breakout of $1.9245 could expose FTT to the $2.65 and $3.50 levels.
Technically, the FTT/USD pair is still in the bearish zone, as indicated by the RSI and the 50-day simple moving average. However, the leading indicator MACD has crossed into the buy zone, indicating that the bullish trend is likely to continue.
So keep an eye on $1.9245, as its breakout will determine the direction of future price action in FTT.
The uptrend in FTT may be short-lived, as the spike is driven by news, and if there is a development, it may return to its previous price range. However, there is one more coin that you should consider adding to your portfolio.
Alternative coin – Dash 2 Trade (D2T)
Despite the massive utility and performance, Dash 2 Trade currently holds a token presale at significantly lower prices, therefore exceeding $9.2 million. The sale is now in its fourth and final phase.
The tokens are currently selling for $0.0533 each, which observers consider extremely low. Coincodex recently listed Dash 2Trade as one of the 2022 presale tokens.
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