The FTX token has recently seen a significant surge in price, leading to speculation and excitement among investors. This surge was triggered by a tweet from a prominent crypto influencer, “Crypto Rover,” suggesting that the FTX exchange may be repaying $16 billion to its creditors starting from September 30th.
As a result of this news, the native token of Alamanda Research, FTT, has experienced a staggering 93% increase in the past 24 hours, with a trading volume of $228.95 million, representing a whopping 2,263.3% jump. This has left many investors wondering why FTT is experiencing such a pump.
The FTX price has reached a single-day inflow high for the first time since November 9, 2023. The FTT coin price has broken out on multiple levels, surpassing its resistance trendline and reaching a 7-month high after a period of consolidation. The Relative Strength Index (RSI) has shown a sharp increase in the FTT price chart, breaching the overbought range and indicating a bullish trend. The MACD indicator has also displayed a significant rise in its green histogram, suggesting continued bullish momentum.
The question on everyone’s minds now is whether the FTX price will hit $5 this “Uptober.” If the speculations about the exchange repaying its creditors are true, the FTT coin price could potentially reach its upper resistance level of $3.255 and even retest its previous high of $4 in the near future. However, without official confirmation from the FTX team and reliable sources, investors remain uncertain about the validity of the claims made by the crypto influencer.
If the news turns out to be false, the FTX price could experience a sharp correction, possibly plummeting back down to its crucial low of $1. It is important for investors to proceed with caution and stay informed about the developments surrounding FTT token’s future. For more insights, check out our FTX Crypto Price Prediction.