The post Demand for FTX Token Surges High as Price Soars by 60%: Here’s Where the FTT Price May Reach after the $1.6B Repayment Plan appeared first on Coinpedia Fintech News
In a major relief for the FTX exchange customers, the platform came up with a repayment plan which received nearly 95% positive votes. With this, the optimism around the token has surged to a large extent, which has revived the hope for a decent ascending trend. The FTT price has surged above 60% and by 21% in the past 24 hours, with a massive increase in the volume by over 91%, which is close to $200 million at the moment.
Will the FTT price maintain a consolidated ascending trend and reach the yearly highs above $5?
The FTT price has broken above the descending trend line that it traded after facing rejection during the first quarter. The volume has also surged over $80 million for the first time since May 2024, suggesting a potential rise in the user’s interest. However, the price is facing a significant upward pressure, which could be squashed in a short while.
The weekly FTT price chart indicates the price has broken the descending trend line and is testing the supertrend levels. This has never happened since November 2022, when the exchange collapsed. Besides, the OBV has displayed a bullish divergence, suggesting a potential rise in the buying volume, which may keep up the bullish trend in the coming days. However, to do so, a clear breach above the supertened supertrend is the need of the hour.
Therefore, the next few days may be pretty important for the FTT price, as a rise above the levels may validate a shift in the trend. Nevertheless, the traders appear to have become slightly optimistic after the announcement of the repayment plan. Hence, one can expect a decent ascending trend and the change in market dynamics may also offer a fine boost to the FTX token price, which may form new yearly highs above $6.5.
