Despite dip to $3.4, FTT signals bullishness



What to Make of FTX Token’s Recent Surge

As of November 29, 2023, FTX Token (FTT) had seen a significant surge in value, boasting a high supply on exchanges and aggressive bullish activity. However, the token had also settled into a range after reaching a peak of $5.53.

The Range Formation Obstacle

The significant rally in early November faced a large obstacle in the form of a range formation. This range extended from $2.81 to $4.84, suggesting that another attempt to revisit the $4.8-$5 region could result in a rejection from the bulls.

The Rise in Social Volume

The surge in FTT’s value garnered significant attention on social media, particularly after U.S. SEC Chair Gary Gensler hinted at a potential revamp of the FTX exchange. However, the social volume has since fallen as the token continues to trade within the range it settled into after the initial rally.

What to Expect

As the MVRV ratio for FTT reached a high not seen since June, holders may look to secure profits, potentially adding to selling pressure. The Supply on Exchanges metric also rose swiftly after the rally, indicating that holders may be preparing to sell their assets on centralized exchanges in the near future.

Conclusion

While the technical indicators and social volume suggest a strong bullish sentiment for FTT, potential resistance levels and increasing selling pressure may pose challenges to sustained growth. It remains to be seen whether the current range will lead to a breakout or if a bearish shift is on the horizon. Keep an eye on FTT’s trading activity and social chatter for clues about its future direction.



### News source: eng.ambcrypto.com

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By Team