FTT Price Rallies 131% In Two Weeks As New FTX Chief Plans Exchange’s Revival
Key Takeaways:
FTT price has painted a bullish rally that saw its price more than double in 15 days.
The latest cues come from FTX chief’s plans to revive the crypto exchange.
NEW DELHI (CoinChapter.com) — Revival of the beleaguered crypto exchange FTX might be in the works, according to the Wall Street Journal.
In an interview with the Journal, John J. Ray III, current CEO of the bankrupt exchange, said he has set up a team to explore avenues of restarting the exchange. Ray stated that several customers have suggested that there might be some value in rebooting the exchange.
The FTX CEO supported the idea of a possible revival of the crypto exchange after taking over from Sam Bankman-Fried, FTX’s former CEO, who is currently facing federal fraud and other criminal charges.
Earlier last week, FTX disclosed it had found $5 billion in liquid assets and a $4.6 billion investment portfolio, which could help recover customer assets. Meanwhile, Ray’s forensic team continues to comb through over 30 terabytes of data to find information that could lead to more funds.
Customers viewed the recovery as a good sign, but it remains to be seen how much of the funds can be actually realized. After taking the helm at FTX, Ray noted that the exchange did not keep centralized records of customer assets.
Meanwhile, Bankman-Fried has been critical of Ray’s handling of FTX. In a post, the former FTX CEO shared a table of estimated FTX bank balances. Bankman-Fried’s calculation showed the exchange had a surplus of millions of dollars to cover US customer claims.
However, Ray pointed out that Bankman-Fried had included $250 million from Alameda Research. The firm is itself under investigation for misappropriating customer funds from FTX International.
FTT Rallies On Revival Speculations
Meanwhile, FTT price has been rallying upward since June 15, rising 131% to reach a daily high near $1.86 on June 29. Moreover, the FTX token price jumped over 32% on June 28, FTT’s largest single-day gain since April 12 earlier this year.
Also Read: DOT Price Prediction: Polkadot Bulls Aim Big After Recent Recovery Above $5
However, traders seem to be booking profits as the FTX token price dropped more than 12% to a daily low of $1.63 on June 29. If the downtrend continues, FTT price might drop to support near $1.62.
Breaching below the immediate support level might result in FTT price testing the 100-day EMA (blue wave) support near $1.4 before recovering.
However, as news of the exchange’s revival plans gets traction, traders might enter the market to capitalize on the buying opportunity. Hence, FTT price might rise to resistance near $1.9.
Flipping the immediate resistance could help the FTX token price target resistance near $2.3 before paring gains.
The RSI for FTT remained overbought, clocking at 75.89 on the daily timeframe.
The post FTT Price Rallies 131% In Two Weeks As New FTX Chief Plans Exchange’s Revival appeared first on CoinChapter.
Filed under: Bitcoin - @ June 29, 2023 3:19 pm