The FTX Token Price has been holding up well considering the crypto market weakness. Is it a matter of time before FTT follows suit?
FTT is last trading at $30.129, -$1.376 (-4.38%)
FTT is the native token of the FTX crypto derivatives exchange and has performed well this year. Clearly, it was a tale of two halves so far in 2020. In the first 5 months of the year, the price rose 10-fold to an all-time high of $63.107. FTT has since followed the broader market lower, losing just over 50% from peak valuation.
However, relatively, it’s performing well. For instance, Huobi Exchange’s HT token is down 70% from the 2021 high.
Maybe the reason the FTX token price has held up so well is the high regard in which the exchange is viewed.
FTX exchange is widely considered a best-in-class trading venue. Founder Sam Bankman-Fried has a background in both trading and physics. After noticing the limitations of some cryptocurrency exchanges, he decided to create his own.
The token has a market cap of $2.83 billion and is ranked as the 33rd largest crypto asset by valuation.
FTT Technical Outlook
The daily chart shows that FTT is sitting bang on a supportive trend line. This trend from the 23rd of May low is currently at $30.031.
Below that, the important 200-day moving average is situated at $27.751.
Therefore, the FTX token price is at a critical juncture. As I’m writing this, the rest of the market is continuing to deteriorate, and it’s likely the support will be tested soon.
If the price breaks below the 200 DMA, the logical target becomes the 23rd of May low at $22.809.
For now, the price is holding, but if the broader market weakness persists, that’s likely to change.