– FTT’s weighted sentiment and currency outflows have risen sharply recently.
– A few stats were optimistic, but market indicators pointed to the possibility of high selling pressure.
While rumors circulated about the revival of the bankrupt crypto exchange ftx [FTT], its native token also showed signs of recovery. Twitter was flooded with opinions about the state of FTT and its future. The data from Santiment showed that a significant number of new addresses have been created in the past two days.
😮 Just call it rumors for now, but $FTTthe native token for @FTX_Official, has had surprising on-chain activity. Following news that $7.3 billion has been recovered and a real possibility of a reboot #FTX, activity is the highest since the collapse. https://t.co/iGyewcAHKZ pic.twitter.com/DBNSPLoX4S
— Santiment (@santimentfeed) April 13, 2023
Read FTXs [FTT] Price prediction 2023-24
A short prologue to the FTX episode
For starters, FTX has recently restored assets worth $7.3 billion. There were also chances that the bankrupt crypto exchange could resume operations in the second quarter of 2024.
FTX attorney Andy Dietderich claimed that after months of work spent gathering resources and figuring out what went wrong under the leadership of accused ex-founder Sam Bankman-Fried “SBF,” the company has now begun to think about its future.
FTT responded quickly
As soon as the news got out, FTTThe price of the company has risen sharply and has even passed the 100% mark. However, things then cooled down as FTT recorded losses. According to CoinMarketCap, FTT fell by almost 20% in the past 24 hours. At the time of writing, it was trading at $1.93, with a market cap of over $636 million.
However, the situation looked good for FTT in terms of statistics. For starters, FTT‘s weighted sentiments registered a huge uptick. The outflow from the stock market also spiked significantly, which is a bullish signal. In addition, CryptoQuant’s facts revealed that after a sudden increase, the FTT’s foreign exchange reserve fell, indicating a reduction in selling pressure.
Source: Sentiment
The total number of holders increased, but here’s the catch
Another positive sign was an increase in the chart charting the total number of FTT token holders. An increase in the metric suggested more investor confidence in the token. Nevertheless, it was surprising to see the total supply of FTT on exchanges increase and the off-exchange supply decrease.
Source: Sentiment
Realistic or not, here it is FTT market cap in terms of BTC
Caution is advised
While a few statistics seemed optimistic, FTT‘s daily chart painted an ambiguous picture. For example, the MACD suggested a huge bullish upper hand in the market. The FTT’s Exponential Moving Average (EMA) ribbon showed the possibility of a near-term bullish crossover.
However, the FTT’s Money Flow Index (MFI) was in the overbought zone, which may increase selling pressure. The token’s Relative Strength Index (RSI) also registered a downtick, looking bearish.
Source: TradingView
This post FTX Revival: Bulls and Bears in Tug of War as FTT’s Future Uncertain
was published first on https://ambcrypto.com/ftx-revival-bulls-and-bears-in-tug-of-war-as-ftts-future-uncertain/
