While the crypto market faced a $53 billion decrease in value over the past 24 hours, the FTX exchange token (FTT) experienced a 7% growth. This price increase indicates investors’ growing interest in FTT, as data shows a bullish outlook on this altcoin strengthening. One sign of increased demand for FTT is the capital inflow into its spot market, which reached $205,000 on Thursday. This, despite being a small amount, signals a shift in market sentiment after days of capital outflows. The rising open interest profits FTT confirms this upward trend. Currently, the open interest profit of this token is $2.03 million, showing a 10% increase in the past 24 hours. This profit increase alongside price growth indicates new investor inflows and stronger participation in the market. On the other hand, daily chart analysis shows FTT’s price attempting to stay above the 20-day moving average. Crossing this moving average is seen as a sign of the start of an upward trend by many traders. If demand strengthens, the token’s price could surpass the 20-day moving average and reach $2.27. Breaking this resistance level could push the price up to $2.57. However, if selling pressure and profit-taking begin, the token’s price could drop to $1.94. You can monitor the live prices of all tokens and cryptocurrencies on the instant price page for digital currencies.
