How CZ’s departure from Binance fueled a FTT rally
Journalist
Posted:
- FTT has seen a double-digit rally prior to now few days.
- Whales have more and more amassed the altcoin.
Changpeng Zhao’s resignation as CEO of Binance and the attendant decline in BNB Coin [BNB] accumulation has resulted in an uptick in demand for FTT, the native token of bankrupt change FTX, on-chain information has proven.
Buying and selling at $4.50 at press time, FTT’s worth has rallied by 50% since twenty first November when Zhao introduced his exit from cryptocurrency change large Binance.
Impacted by October’s normal market rally, FTT has launched into an uptrend within the final month, rising by over 300% within the final 30 days. FTT whales have more and more amassed the altcoin throughout this era to profit from the sudden worth hike.
Information from Santiment confirmed additional that within the final three days, the each day depend of FTT whales that maintain between 100 and 100,000 tokens has risen by virtually 10%. At press time, this determine stood at 4010.
Supply: Santiment
Likewise, the highest ten largest FTT whales have amassed a cumulative worth of two.91 million tokens price round $13 million since third November. This has resulted in a 255% surge within the relative worth of FTT to main coin Bitcoin [BTC] since then.
Supply: Santiment
Issues seem good, however…
AMBCrypto’s evaluation of FTT’s On-balance quantity indicator (OBV) on a 24-hour chart confirmed the buildup pattern prior to now few weeks.
At 92.36 million at press time, FTT’s OBV has elevated by 144% because the eighth of November.
When an asset’s OBV witnesses this sort of vital rally, it means that there’s rising shopping for strain behind the asset, as extra consumers are keen to buy it on the present worth.
Additional, FTT’s key momentum indicators positioned above their respective middle traces confirmed that spot market members proceed to favor shopping for over promoting.
As of this writing, FTT’s Relative Energy Index (RSI) was 69.57, whereas its Cash Movement Index (MFI) was 56.30. These values confirmed that FTT accumulation continues to outpace distribution.
Nevertheless, regardless of the 300% worth surge within the final month, FTT’s Chaikin Cash Movement (CMF) persists in its divergence from FTT’s worth.
The CMF indicator tracks the amount and course of cash circulate out and in of an asset over a specified interval.
Learn FTX Token’s [FTT] Price Prediction 2023-24
A divergence happens when an asset’s worth and its CMF pattern in reverse instructions. This divergence is deemed bearish and suggests an imminent correction when an asset’s worth climbs whereas its CMF worth declines.
As there aren’t any sturdy market fundamentals that assist FTT’s present rally, the worth/CMF divergence might be because of short-term hypothesis, massive promote orders, inadequate shopping for quantity, or market manipulation.
Supply: FTT/USDT on TradingView
