As FUD delves into the solvency of FTX, its original FTT token continues to suffer further distribution. FTT is trading at $15.65 at the time of writing. In addition, the price of the #30 largest cryptocurrency by market capitalization has fallen by more than 25% in the past 24 hours, according to data from CoinMarketCap open.
This is the AMBCrypto price prediction for FTX [FTT] For the year 2023-2024
While the price of FTT has decreased over the past 24 hours, its trading volume has increased during the same period. According to CoinMarketCap, FTT trading volume has increased by 83% in the past 24 hours.
According to on-chain data from Santiment, FTT’s trading volume at the time of writing is $1.19 billion, the highest daily trading volume in the past six months.
The difference between price and trading volume over the past 24 hours showed that there were more sellers than buyers in the FTT market. This was due to many traders trying to exit their FTT trades should this happen Insolvency speculation be honest.
Seller’s captain for this ship
On the daily chart, selling pressure has increased significantly. At the time of writing, FTT is severely overbought as the major indicators are positioned in downtrends and well away from their neutral positions. The FTT Relative Strength Index (RSI) came in at 23.90. The Money Flow Index (MFI) was recorded as low as 8.
These indicators showed that the amount of FTT accumulation has decreased significantly since discussions about the solvency of FTX began. The dynamic (green) line of the FTT’s Chaikin Money Flow (CMF) was also indicated below the center line at -0.46.
As FTT distribution continues, CMF will continue to chase new lows, further impeding any price recovery.
Moreover, according to information from Coinglass186,383 general cryptocurrency market traders have been liquidated. This has removed $367.09 million from the cryptocurrency market in the last 24 hours.
The value of the FTT qualifiers during the same period was $8.14 million. This represents 2.22% of the total liquidation in the market.
Nothing here, just noise
Cryptocurrency social analytics platform LunarCrush, in scope tweet, comparing the current hysteria surrounding the FTT to the hype surrounding the collapse of LUNA. Looking at the FTT situation as early as November 8, social cues and social engagement were at an all-time high last year.
🚨 Luna 2.0 or Naho
Watch what happens. Don’t miss any moment. 👉 https://t.co/SGvXmLtY34 pic.twitter.com/Kqj85Xwqmg
– LunarCrush (LunarCrush) November 8, 2022
In Santiment’s list of the most popular words for the past 24 hours, FTX, FTT and SBF took the top three places. Social discussions about FTT in the last 24 hours have been the highest in the past six months.
Without a corresponding increase in the price of the asset, the increase in social activity may be just noise, but it usually means that a further decrease in the price of the crypto asset is imminent.