CandleFocus FTT Eyes $4 as FTX Restructuring Plan Prepares for January Kickoff
2024-12-23
Author: Content Editor
FTT, the native token of bankrupt crypto exchange FTX, has experienced a double-digit surge in the past 24 hours as the market awaits the commencement of FTX's court-approved Chapter 11 Plan of Reorganization on January 3. The first tranche of reimbursements will occur within 60 days of this effective date. FTT's price hike has led to an increase in the profitability of its transactions, with a ratio of on-chain transaction volume in profit exceeding that in loss. FTT holders have opened more bets in favor of a sustained price rally, reflected in the Long/Short Ratio. The token has breached resistance at $3.29 and may attempt to reclaim its one-year high of $4.40, but if it fails, the price could fall to $2.95.
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