FTT Price Analysis: Why is FTX Token’s Price Soaring Today?

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FTT Price Analysis: Why is FTX Token’s Price Soaring Today?

FTX Token (FTT) is one of the few cryptos trading in the green early on Thursday, as the market mood remains bearish due to Bitcoin’s failure to hold

FTX Token (FTT) is one of the few cryptos trading in the green early on Thursday, as the market mood remains bearish due to Bitcoin’s failure to hold above the $42,000 mark. At the time of writing, FTT/USD is trading around $47.50.

The native token of leading cryptocurrency exchange FTX has been rising in value over increased trading activity on the platform. One of the biggest developments that occurred on the platform was FTX’s decision to list Fantom (FTM) earlier this year and then go on to support its mainnet Opera.

As one of the busiest among potential Ethereum killers, Fantom has seen considerable interest among investors in recent sessions. Being listed on the FTX platform has helped more trading activity around the coin and helped the FTT token higher as well.

The bullish moves in FTT have also been a result of the exchange announcing a new branch, FTX Ventures, which has set aside $2 billion for funding emerging companies in the crypto sector. This announcement has helped the FTX Token reverse its bearish moves from several months and climb higher lately.

According to the official announcement from the company, “We believe digital assets and blockchain technology can reshape our world in the next few decades. Some sectors we’re excited about are gaming, social, software, fintech, and healthcare.”

FTT/USD Technical Analysis

Technical analysis of the 4-hour chart of FTT/USD reveals a strong bullish bias among moving averages and leading technical indicators MACD and momentum. However, the Stochastics RSI is flashing sell signals.

The FTX Token’s price is well above the pivot point at $43.04 but has some way to go until buyers can test resistance at $50.75. Let’s keep a watch on this level as a build up of buying interest can see it being broken soon.

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