FTT’s Latest Price Surge: Fake Pump or FTT Making a Comeback?

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• FTT’s price has soared more than 42% over the last 24 hours.
• The collapsed altcoin’s price is now trading near a weekly resistance level.
• FTT’s weekly RSI is on the verge of flagging bullish.

The majority of crypto prices are in the green over the last 24 hours according to CoinMarketCap. There is, however, one outlier that has printed surprising gains as the week starts off. This coin is FTX Token (FTT). At press time, the collapsed altcoin’s price is up more than 42% over the last 24 hours. As a result, FTT is trading at $2.44.

Not only has FTT strengthened against the U.S. Dollar, but it has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 39.94% and 38.63% respectively.

This surge in FTT’s price is the result of the spike in the token’s trading volume in the last 24 hours. At press time, the daily trading volume for FTT stands at $143,831,708. This is a triple-digit, 279.39% increase compared to what it was yesterday.

Weekly chart for FTT/USDT (Source: CoinMarketCap)

The price of FTT is now trading at the weekly resistance level at $3.822, which is also the current level of the 9-week EMA line. The weekly RSI for FTT is on the verge of flagging bullish, with the weekly RSI line looking to cross the weekly RSI SMA line.

Daily chart for FTT/USDT (Source: CoinMarketCap)

The price of FTT has risen above both the 9-day and 20-day EMA lines after the daily RSI line broke above the daily RSI SMA line.

Crypto analyst, Limbo (@CryptoLimbo_), tweeted yesterday that this pump in FTT’s price may be a fake pump. If this is the case, then FTT’s pump will drop just as rapidly in the coming days.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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