The FTX Token price is attempting to rebound as activity in major cryptocurrency exchanges rise. The FTT Token is trading at $69.10, which is slightly above this week’s low of $64.65.
FTT rebounds
FTX is a leading blockchain platform valued at more than $18 billion when it raised $900 million from venture capital funds
The company offers a cryptocurrency exchange that enables people to buy and sell digital currencies. Unlike other popular cryptocurrency exchanges like Coinbase and Huobi, its primary product is a derivatives trading platform that enables traders to make money using leverage. These products are illegal in the United States. The platform is the fourth in terms of volume after Binance, Coinbase, and Huobi.
FTX has a brand to cater for the American market known as FTX US, which is the 11th biggest platform in terms of volume. In the past 24 hours, this platform processed cryptocurrencies worth more than $312 million.
FTX Token, also known as FTT, is the native token for the FTX platform. It is the backbone of the entire platform and is used for transactions. It has a circulating supply of more than 174.93 million FTTs. 13.34 million FTTs have been burned. It is also used for staking, which gives users Maker fee rebates, bonus votes, and higher referral rates.
The FTT price is rising after the company partnered with Chiliz to offer FAN Tokens and after it acquired LedgerX, a leading crypto derivatives company.
FTX Token price forecast
The daily chart shows that the FTT price has been in a strong bullish trend recently. However, the coin declined by about 22% this week. This drop was part of the break and retest pattern that I talked about last week.
The coin is also above the short and longer moving averages, which is a bullish factor. At the same time, it has formed a cup and handle pattern, which is usually a sign of a bullish continuation.
Therefore, the FTX token price will likely rebound in the near term. If this happens, the next key level to watch will be at the all-time high of $85.
