FTX Token (FTT) Surges 276%: Is One other Upward Transfer Brewing?

• Demand for FTT elevated after the U.S. DOJ sanctioned Binance, resulting in a 30-day excessive.
• With robust help at $2.94, FTT could retest $4.76 if sellers halt profit-taking.
• The 9 EMA must crossover the 20 EMA to substantiate the short-term uptrend.

The worth of FTX Token (FTT) has elevated by 276% within the final seven days, in keeping with knowledge from CoinMarketCap. The worth enhance could possibly be linked to the widespread leap in altcoin worth since October. Nonetheless, demand for FTT elevated once more round November 21, as indicated by the FTT/USD 2-hour timeframe.

Using on Binance Challenges

The rise in demand was fueled by U.S. DOJ sanctions on Binance. One motive why FTT positively reacted to the event round Binance was as a result of the CZ previously led-exchange had a hand in its 2022 collapse as FTX was Binance’s fiercest competitor at the moment. 

Just like the FTX crash interval, Binance has just lately skilled a surge in outflows as Coin Version beforehand reported.

On 21 November, shopping for stress appeared at $2.94, and this area was in a position to act as help for FTT. As demand for the token elevated, the value continued to rise, hitting as excessive as $4.76 on November 23.

In the meantime, there was some profit-taking between the $4.76 excessive and $4.00 low of November 24. However within the final 24 hours, the value elevated once more by 3.78%, exchanging fingers at $4.37 at press time.

One motive for the hike was the resurging shopping for momentum indicated by the Relative Power Index (RSI). On November 24, the RSI went right down to 46.43. However on the time of writing, the studying was 54.78.

Ought to the RSI studying proceed to extend, then FTT could retest $4.50 for a begin. Nonetheless, that may imply that sellers would chorus from dumping the token.

FTT to Retest $4.76?

The Shifting Common Convergence Divergence (MACD) additionally confirmed that there could possibly be room for extra upside. It’s because the MACD had just lately recovered into the constructive area. 

Additionally, if the 12-day EMA (blue) finally flips the 26-day EMA (orange), then FTT’s upward momentum could possibly be confirmed. Ought to this occur, the token could go as excessive as reaching $4.76 as soon as extra.

In the intervening time, FTT wants extra shopping for stress whether it is to goal at $4.76, based mostly on indications from the Exponential Shifting Common (EMA). At press time, the 9 EMA (blue) proven under, had jumped above the 20 EMA (yellow). That is usually a bullish signal.

However the crossover didn’t appear convincing sufficient as 20 EMA appeared actually near the 9 EMA. 

If the 20 EMA reaches the identical place because the 9 EMA, then FTT could consolidate round $4.30 to $4.35 within the brief time period. Nonetheless, if the 9 EMA extends its dominance, an increase in worth could possibly be believable.