FTX Token Rallies Once more, Outperforms BTC by 255% In 3 Weeks

• Santiment revealed in an X submit that FTT rallied once more over the previous 24 hours.
• In accordance with the submit, the Binance settlement information was the primary catalyst behind FTT’s robust motion.
• At press time, FTT was altering arms at $4.28 after an 18% 24-hour acquire.

Santiment, the blockchain intelligence platform, revealed in an X submit at present that the native token for the collapsed FTX change, FTX Token (FTT), underwent one other rally over the previous 24 hours. Within the submit, Santiment listed the latest Binance information as the primary catalyst for the altcoin’s robust transfer. 

FTT’s value appears to have acquired a lift from a bunch of whales, who collectively scooped up $12.8 million value of the cryptocurrency prior to now 19 days, in response to the submit. This quantities to 2.91 million FTT tokens at present costs. Moreover, the altcoin has outperformed the market chief, Bitcoin (BTC), by 255% since November 3 this yr.

FTT continued to carry out over the previous 24 hours and was up greater than 18% at press time. Subsequently, CoinMarketCap knowledge indicated that the cryptocurrency was altering arms at $4.28. This newest improve within the cryptocurrency’s value additionally pushed its weekly efficiency deep into the inexperienced zone by greater than 300%.

A symmetrical triangle that had fashioned on FTT’s each day chart over the previous 2 weeks was validated all through the previous 48 hours. Throughout yesterday’s buying and selling session, the altcoin noticed its worth soar greater than 35%. Since closing yesterday’s candle off at $4.4429, the cryptocurrency’s worth has corrected barely to commerce at its present degree. 

However, FTT might proceed to rise in the next few days. This might then result in the altcoin flipping the $5.6040 resistance degree into assist. Merchants and traders will wish to be aware, nonetheless, that the each day Relative Power Index (RSI) line was closing in on the RSI Easy Shifting Common (SMA) line. This means diminishing purchaser power.

Ought to these two traces cross, it will set off a big bearish technical flag. Consequently, FTT’s value might endure a correction. This might see it drop to as little as the important thing assist degree at $2.6815.