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FTX Token (FTT) price hits resistance as it eyes a 30% gain

FTX Token (FTT) price hits resistance as it eyes a 30% gain

Last updated 12th Apr 2022
Disclosure
  • The FTX Token price has made a strong comeback lately.
  • It rose to the key resistance at $48.
  • The FTT coin could soon jump to about $62.

The FTX Token price has crawled back in the past few days as investors cheer the growth of its ecosystem. The FTT price is trading at $47, which is about 45% above the lowest level this month. Its market capitalization has jumped to more than $6.6 billion, making it the 30th biggest cryptocurrency in the world.

FTT bounces back

FTX is one of the biggest blockchain companies in the world. In 2021, the company raised more than a billion from investors, giving it a market value of over $25 billion. This makes it the second-biggest American crypto company after Coinbase, which is valued at more than $50 billion.

FTX offers a number of services to millions of customers. Its most basic product is an exchange where people can buy and sell digital coins like Ethereum and Bitcoin.

The company also offers an advanced trading platform where people have access to leverage. Leverage is like a loan that helps to maximize the overall returns that one can get. It does not offer these solutions in the United States.

Last week, it was reported that FTX had launched a venture fund worth about $2 billion. This fund will be overseen by Amy Wu, a former senior partner at Lightspeed Ventures.

FTX Token is the native token for FTX and FTX.US. It is a cryptocurrency that enables buyers to trade in the ecosystem. Holders have access to advanced features and regular offers. FTT has a market cap of about $6.6 billion.

The FTT price is rising as investors remain optimistic about the ecosystem growth. Besides, its recently-released report showed that it was the fastest-growing company in its industry. Its volume increased by about 2,400% and reached a high of over $791 billion.

This was a significant increase from the previous year’s $385 billion. Therefore, the FTX Token price is rising as investors anticipate this growth will continue.

FTX Token price

The daily chart shows that the FTX Token price has made a strong recovery in the past few days. It gas jumped by about 45%. A closer look shows that the coin has managed to move to the key resistance level at $48, This is an important level since it was the lowest level on September 21.

The FTT price has also managed to cross the 25-day and 50-day moving averages while the MACD has crossed the neutral level.

Therefore, the path of the least resistance for the coin is higher, with the next key resistance being at $62. This is about 30% above the current level.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.