The FTX Token price was little changed on Thursday as investors waited for clues from Bitcoin. The FTT price is trading at $31.83, which is a few points below this week’s high of $33.40. It has risen by more than 35% from its lowest level last week.
FTX Token fundamental analysis
FTX is one of the leading cryptocurrencies in the world. According to CoinMarketCap, it is the fifth biggest exchange in terms of volume after Binance, Huobi. Coinbase, and Kraken. In the past 24 hours, the volume transacted in the network declined by 15% to $1.2 billion. It is well-known for offering highly leveraged assets that do well when things are good and lag when situation changes. It has millions of customers globally.
FTX made headlines recently when it raised almost $1 billion from investors. This capital raise valued the company at more than $18 billion. The firm also made headlines when it took rights to the FTX Arena, which is home to Miami Heat. While the firm has minimal operations in the US, the company hopes that the new marketing blitz will bring more users to the ecosystem.
FTX Token, on the other hand, is the native token for all derivatives traded in FTX. The developers put in place a total supply of more than 365 million tokens. Therefore, the FTX token does well when there is significant activity in the network since it leads to demand for the coin. Still, like all coins, the token has a close correlation with Bitcoin. Therefore, the current calm is mostly because Bitcoin is also struggling to move above the resistance at $40,000.
FTX token price forecast
The four-hour chart shows that FTX price staged a major recovery in the past few days. This happened as other digital currencies like Bitcoin and Ethereum surged. Today, the token has found substantial resistance at around $32.10. The coin is still above the 20-day and 50-day volume-weighted moving averages (VWMA).
The MACD remains above the neutral level. Therefore, the coin will likely have a bullish breakout if it manages to move above the resistance at $33.30. If this happens, it will open the possibility of the coin rising to the next key resistance at $40. However, a drop below the neckline at $28 will invalidate this view.