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Although the crypto market has seen its fair share of negativity in recent weeks, traders are still steadfast in their belief that the market is still bullish. Many analysts are forecasting that the market will continue to take off in Q2, with some even believing that the market will continue to take off in Q3.
The FTT token is the exchange token used in FTX, the exchange launched by the FTX Exchange platform. The exchange platform itself, is a decentralized cryptocurrency exchange with fiat-to-crypto trading for over 125 pairs at the time of writing. FTT tokens are used as the trading pair for all trading on the exchange platform. The exchange platform itself is built on the NEO blockchain, though FTT tokens are not in circulation on the NEO blockchain.
A lot of investors are betting on the fact that the price of the token will increase by two times or more. This is because the FTT has positively reacted to the news that the exchange platform is up and running. According to predictions, it is likely that the price of the token will increase by 2.4 times or more.
For want of a better term, the FTX token is soaring through the rafters.
The coin is up 22% on the previous trading day and a whopping 78 percent week-to-date as of this writing, smashing the USD in the process.
FTT is now ranked 26th in terms of market capitalization, outperforming layer-1s like Tron.
Token Market Performance and Price Status on the FTX Exchange
The only reasonable question a trader can ask is why. Why is there such a surge? The quality of the conversation and their aim are the answers.
The FTX Derivatives Exchange is located in Hong Kong and follows all applicable regulations. It is always working to outperform Binance in terms of product offers, such as the concept of leveraged tokens and leverage, and asset diversification.
The derivatives exchange includes a clever claw-back prevention system to safeguard clients from societal losses. Plus, there’s more. FTX is backed by SBF, a billionaire.
It is also important to remember Alameda Research.
After collecting $900 million in a recent financing round, this combination values the FTX derivatives exchange at a staggering $18 billion.
Will FTT follow in the footsteps of BNB? It most likely would.
FTT token prices are ripping upward, easing through key resistance levels, at least according to price activity on the daily chart.
At spot rates, FTT prices are in price discovery mode, moving at new all-time highs after breaching over $61 in H1 2021.
FTT may hit $152—the 2.618 Fibonacci extension level—if a Fibonacci extension is pasted between the swing high and low, tripling its present value.
For $95 you can get a FTT Token.
Overall, traders are upbeat, anticipating the trend to continue in the coming days. According to one trader, the FTT will continue to trend upward, perhaps reaching $95.
$FTX#FTT has gotten a good boost, and I’d like to see it continue higher this week. ranging from $80 to $95
However, it wouldn’t surprise me if it pauses for a few weeks and tests the channel lows (Yellow) before resuming its upward trend. pic.twitter.com/nalkec3WT9 #fttusdt
September 5, 2021 — timepricetraveller (@timepricetravel)
This is a possible if participation is large, since FTT token values are still in price discovery and uncharted territory.
The $95 level, which coincides with the 1.618 Fibonacci extension levels of the Q4 2020 lows and H1 2021 highs, is a critical response point. If FTT purchasers increase their purchases, the currency will most likely rebound back to $150.
Bulls on the FTX Exchange are aiming for $100.
However, another trader has set his sights much higher. The FTT token, according to his forecast, is ready for three digits.
#FTTUSDT– Both goals have been met so far, with a high of 82.56. If the price stays above 73.00, the next target is 103.70. #cryptocurrency #FTXToken Join the conversation at https://t.co/pV9lowCgeV. for more information about #Altseason2021 pic.twitter.com/xo5MZnVC8s
September 7, 2021 — Mind Trader (@mindandtrading)
FTT prices are expected to surge over resistance levels and hit $100 in the next sessions, according to the expert.
The token is ready for another upward swing now that the all-time high has been cleared, as predicted by early forecasts. It would be unavoidable for FTT costs to exceed estimates and approach $100.
In the near run, will FTT Token outperform BNB?
FTT and BNB tokens are inextricably linked, as one would assume. Both are long-term investments with a track record of success.
However, in the next weeks, FTX may outperform BNB. It’s because of their excellent hiring, compliance with current regulations, and financing rounds that FTT is expected to see an increase in demand.
As a result, the chances of FTT prices defying gravity in a moon swing remain appealing.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
With the news that FTT is to become a two-token exchange, traders are speculating that the price could increase 2x to $150. This is a dramatic increase from the current price of $2.00, which is around the same level as the highest price during the past year. This would be a monumental achievement for FTX, having previously achieved nearly 1% market share in a highly competitive industry.. Read more about ftt price prediction reddit and let us know what you think.
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