CandleFocus FTT Surges 36% as FTX Unveils Bold Reorganization Plan
2024-11-22
Author: Content Editor
The native token of bankrupt cryptocurrency exchange FTX, FTT, has experienced a 36% price surge in the past 24 hours, reaching a monthly high of $2.61. This surge is fueled by the announcement of FTX's court-approved reorganization plan scheduled for January 2025. The surge in FTT's price has sparked increased trading activity, with previously inactive tokens now being moved. The increase in on-chain performance and positive funding rate suggest that traders expect FTT's price to continue growing. If the uptrend persists, FTT could break above resistance at $2.69 and rally towards its year-to-date high of $3.43. However, if previously dormant coins are sent to exchanges, it could put downward pressure on FTT's price, potentially falling to support at $2.47 or even $2.24.
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