FTT volatility sparks interest – But should you buy?

• FTX token has a bullish bias on the day by day timeframe.
• The adverse readings on the CMF confirmed that an uptrend is likely to be unsustainable.

FTX Token [FTT] noticed heightened volatility in current weeks. The U.S. authorities had permitted the reorganization plans of the defunct crypto trade FTX in October.

The plan sought to reimburse 119% of the claimed worth to about 98% of the previous FTX customers.

The was additionally hypothesis lately of a presidential pardon from Joe Biden for the disgraced CEO of the trade, Bankman-Fried.

The chapter proceedings are set for January 2025, additional elevating the possibilities of a unstable FTT token.

The rumors had been sparked by a post on X by consumer Wall Road Mav. Polymarket odds noticed a 9% surge within the odds of a pardon after Elon Musk’s comment.

This additionally defined the short-term bullish surge behind the FTX token.

FTT exams the $3.5 resistance once more

Supply: FTT/USDT on TradingView

In June and July, the trade token appeared to type a backside across the $1 mark and commenced to slowly push increased within the second half of September.

Since November, this uptrend had begun to determine itself as soon as once more. A bullish market construction on the day by day chart was regained on the twenty first of November.

Since then, the construction has maintained bullishly on the 1-day timeframe. The RSI has additionally been above impartial 50 over the previous month, giving extra credit score to the concept of bullish momentum behind the token.

But, its CMF has been beneath -0.05 constantly for almost all of the previous 12 months. This confirmed how the capital flows haven’t been constantly directed inward, making the rally of the previous two months suspect.

Is your portfolio inexperienced? Test the FTX Token Revenue Calculator

The CoinMarketCap web page for FTX Token is emblazoned with a warning,

“The FTX chapter proceedings are underway. The FTT token now not has any use, and could also be liquidated by the property to pay collectors. Please proceed with warning.”

Subsequently, buyers have to keep away from the token, whereas merchants must be cautious of stories developments that would harm their positions.

Disclaimer: The data introduced doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion