FTX Token Price Prediction – FTT Pumps as CNBC Suggests FTX Exchange Relaunch
FTX Token price prediction appears to be turning bullish, as FTT has risen more than 30% in less than 24 hours after CNBC suggests relaunching the FTX exchange. To relaunch FTX and issue new FTT tokens was something that SBF thought would be “a productive path for parties to explore.”
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 gains with token holders.
According to Neuner, “the biggest exchange in the world and users will be made more than whole” once FTX is back online.
More surprisingly, Sam Bankman-Fried, co-founder and former CEO of FTX, commented that he agreed with Neuner.
“I continue to think that this would be a productive path for parties to explore! I hope that the teams in place will do so.”
However, the billionaire garnered very little praise from readers. One response to SBF’s tweet said, “Let’s fix fraud with more fraud.”
On the other hand, some Twitter users criticized the plan, calling it a Ponzi scam and suggesting that SBF spend his time behind bars rather than developing fresh FTX concepts.
About FTX Bankruptcy
For those who are new to the party, it all began early last month when FTX’s sister company, Alameda Research, held massive amounts of the 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 large 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 11th.
In the month of November, FTT lost 94% of its value, falling to $1.31 and wiping down billions of dollars in investor money.
Many in the crypto industry have referred to FTX’s collapse as “crypto’s Lehman moment,” saying that it has caused the collapse of other major players such as the lending platform BlockFi.
To cut a long story short, the market is getting positive vibes from the FTT relaunch, which has triggered a risk-on sentiment, and it’s driving the buying trend in FTT token.
FTX Token Price Prediction
The current FTX Token price is $1.80, and the 24-hour trading volume is $57 million. In the last 24 hours, FTX Token has increased by more than 30% and CoinMarketCap currently ranks #209, with a live market cap of $591 million.
On the technical front, the FTT/USD pair has risen above the $1.0310 support level, and it is likely to encounter 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 a bearish zone, as indicated by the RSI and 50-day simple moving average. However, the leading indicator MACD has crossed into the buying 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 the FTT.
The uptrend in FTT may be short-lived, as the spike is driven by news, and if developments occur, it may return to its previous price range. However, there is another coin that you should consider adding to your portfolio.
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