FTX Token Price Prediction: FTT Surges 12%, But Investors Turn To This AI Presale With Only Hours Left To Buy

The FTX token value jumped 12% within the final 24 hours to commerce for $2.60 as of 4:30 a.m. EST time on buying and selling quantity that skyrocketed virtually 300%.

It comes amid revitalized chatter round FTX after the trade offered almost $1 billion of the Grayscale Bitcoin Belief (GBTC) exchange-traded funds (ETF). An individual acquainted with the matter instructed CoinDesk that the lion’s share of outflows from Grayscale was FTX’s chapter property dumping 22 million shares definitely worth the aforementioned quantity.

SCOOP: @FTX_Official offered about $1 billion of @Grayscale‘s $GBTC since #bitcoinETF approval – explaining a big chunk of its outflow.@IanAllison123 stories

— CoinDesk (@CoinDesk) January 22, 2024

In precept, with FTX achieved promoting its sizeable holdings, constituting a 3rd of complete Grayscale Bitcoin Belief outflows, analysts anticipate easing promoting stress.

Wait, if $1bn of the promoting in GBTC was FTX LIQUIDATORS as reported, that’s 1/3 of the full outflows. That modifications all the image!!!! That promoting is now achieved.

We might really get a bounce now and that might set off a brief squeeze.

— Ran Neuner (@cryptomanran) January 22, 2024

FTX was doubtless capitalizing on the distinction between the worth of GBTC shares and the web asset worth of the underlying BTC within the belief. According to a filing dated November 3, 2023, FTX held as much as 22.3 million GBTC shares, price round $597 million as of October 25, 2023.

After the landmark approval of spot BTC ETFs on January 11, the worth of those shares almost doubled to round $900 million, closing the buying and selling session at $40.69 per share.

Speculation confirmed…#FTX Offered 22 million shares price $900m of #Grayscale‘s #Bitcoin #ETF

FTX had 22.3 million $GBTC, (valued @ $600m on Oct. 25 23)

Good for #FTX collectors, unhealthy for brief time period #BTC value & #GBTC, good for those who purchase dips & worth their wealth in #Bitcoin

— Simon Dixon (@SimonDixonTwitt) January 22, 2024

With hopes of creditor settlement spanning social media, the FTX token, FTT surged almost 12% at the same time as claims rose to 80 cents on the greenback.

Hopes of creditor repayments stirred $FTT, the tokens of the now-defunct FTX trade, increased by 11%, with claims rising to 80 cents on the greenback. By @shauryamalwa.

— CoinDesk (@CoinDesk) January 23, 2024

FTX Token Price Outlook With Alternate Collectors Exhibiting Renewed Hope

The FTX token value has been consolidating across the vital assist at $2.83. This is after actualizing a rising wedge sample and confirming its bearish goal goal with almost 50% in dump. With abounding overhead stress indicated by the 100- and 50-day Easy Shifting Averages, there might be a delay within the potential climb for FTX token value.

As well as, the Relative Power Index (RSI) seems subdued, transferring horizontally with an inclination to the south. This exhibits momentum continues to fall. The place of the RSI beneath 50 additionally factors to weak value power, additional accentuating the bearish thesis.

The Shifting Common Convergence Divergence (MACD) can be transferring horizontally in damaging territory, rising the percentages for the bears.

If the bulls fail to take over the FTT market, the bears might take cost, sending the FTX token value south. This might see the altcoin’s value take a look at the $2.00 psychological stage. Within the dire case, the hunch might ship the altcoin almost 65% beneath present ranges to the assist ground at $0.98.

TradingView: FTT/USDT 1-day chart

Converse Case

Elevated shopping for stress above present ranges might see the FTX Token value overcome the $2.83 resistance stage. Previous this, it might confront the 100-day SMA at $2.99. Additional north, the beneficial properties might see the FTT value take a look at the 50-day SMA at $3.46. Above this, the trail could be clear for the FTX Token value to focus on the $4.00 psychological stage.

Within the extremely bullish case, the beneficial properties might see the FTX Token value shatter previous the $5.00 psychological stage. Past right here, it might reclaim the $5.59 resistance stage, final examined on December 13.

The extremely formidable case would concern the altcoin’s market worth flipping this barricade into assist. This might see it function the jumping-off level to focus on the $6.48 resistance stage, final seen in November 2022 earlier than Sam Bankman-Fried’s crypto empire crumbled.

Nevertheless, because the FTT bulls combat to push the FTX token value in direction of reclaiming the pre-FTX crash highs, traders are turning to LPX, which consultants say is arguably the best AI crypto coin to invest in now.

Promising Different To FTX Token

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— Launchpad.xyz (@launchpadlpx) January 19, 2024

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Launchpad XYZ is within the presale stage, with over $2.709 million already within the bag as traders purchase LPX for $0.0445. With the presale ending in lower than a day, traders don’t have any time to lose.

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