FTX Token Price Prediction – Can FTX Recover as it Falls 70% in 24 Hours
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FTX Token price prediction is bearish as FTT has plunged over 80% from $22 to $4. On Tuesday, Sam Bankman-Fried shocked the cryptocurrency community by announcing that Binance would acquire his exchange, FTX.
However, the purchase was revealed by FTX CEO Bankman-Fried in a tweet on Tuesday, and only hours before that, the drama was brewing in the background as the exchanges’ founders appeared to be arguing over Twitter.
1) Hey all: I have a few announcements to make.
— SBF (@SBF_FTX) November 8, 2022
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
According to Bloomberg, over the past few months, Binance CEO Changpeng “CZ” Zhao and Bankman-Fried have engaged in a public Twitter feud over topics such as political lobbying and front-running deals.
When a broker gets inside information about a prospective transaction that could affect the price of an asset, they may “front-run” the market by trading in that asset before the transaction takes place.
As part of Binance’s exit from FTX equity last year, Binance received roughly $2.1 billion USD equivalent in cash (BUSD and FTT). Due to recent revelations that have came to light, we have decided to liquidate any remaining FTT on our books. 1/4
— CZ 🔶 BNB (@cz_binance) November 6, 2022
This most recent altercation began on Sunday when Zhao announced through Twitter that Binance would be selling all of its FTT tokens, a cryptocurrency token unique to FTX, because of “recent findings.”
In December 2019, Binance invested FTX, but it has since sold that share in exchange for Binance USD stablecoin and FTT tokens. Bankman-Fried appeared to respond to Zhao on Monday, tweeting, “a competitor is trying to go after us with false rumors,” as reported by Bloomberg and Reuters.
A message was sent to FTX employees by Bankman-Fried on Monday night as evidence that $6 billion had been removed from the exchange in the 72 hours prior to Tuesday morning. Perhaps as a result of this, on Monday, Bankman-Fried tagged Zhao in a tweet in which he said,
“I’d love it, @cz_binance, if we could work together for the ecosystem.”
However, a tweet has since been removed. Tuesday, it looked like Bankman-Fried and Zhao had reconciled their differences.
According to Zhao, Binance “struck a non-binding LOI, intending to fully buy FTX.com and help cover the liquidity constraint,” and the two companies’ agreement was disclosed by the former.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ 🔶 BNB (@cz_binance) November 8, 2022
As discussed in our Asian session market watch, FTT investors remain under FUD (fear, uncertainty, and doubt) because Binance can terminate the deal anytime, keeping the overall trading bias unfavorable.
FTX Token Price Prediction – Can FTX Recover as it Falls 70% in 24 Hours
The current price of FTX Token is $4.66, with a 24-hour trading volume of $3.2 billion. FTT has fallen by over 72% in the previous 24 hours and over 82% in the last seven days. With a live market cap of $677 million, CoinMarketCap now ranks #62.
On the technical side, the FTT/USD has violated a descending triangle pattern, indicating that the bearish trend may continue. FTT may find support between $3 or $1 on the downside, as the breakout of the descending triangle pattern may have a negative impact on FTT investors’ sentiment.
Leading technical indicators, such as the RSI and MACD, are in favor of a downtrend and have even entered the oversold zone. Similarly, the 50-day moving average is clearly indicating a selling trend across all timeframes. The immediate resistance level for FTT remains at $6 or $10 on the upside.
Technically, FTT does not appear to have the potential to recover the 80% loss it has suffered, but strong fundamental news of any kind can help with the bounce-off.
Alternative Coin – Dash 2 Trade (D2T)
With the drop in FTX Token, the market is experiencing risk-off sentiment, which is driving the overall crypto market downtrend. In this situation, the market is focusing on one of the most prominent coins, D2T presale, which has enormous upside potential.
Dash 2 Trade is an Ethereum-based trading intelligence platform that provides real-time analytics and social data to traders of all skill levels, allowing them to make more informed decisions. It launched its token sale three weeks ago and has now raised over $5.7 million, while also confirming its first CEX listing on LBank Exchange.
1 D2T is currently worth 0.0513 USDT, but this will soon rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.
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