Because the FUD surrounding FTX’s solvency deepens, its native token FTT continues to endure extra distribution. FTT was buying and selling at $15.65 on the time of press. Moreover, the worth of the #30 largest cryptocurrency by market capitalization declined by over 25% within the final 24 hours, knowledge from CoinMarketCap revealed.
Right here’s AMBCrypto’s worth prediction for FTX [FTT] for 2023-2024
Whereas FTT’s worth plummeted within the final 24 hours, its buying and selling quantity surged inside the identical interval. In line with CoinMarketCap, FTT’s buying and selling quantity was up by 83% within the final 24 hours.
Per on-chain knowledge from Santiment, FTT’s buying and selling quantity at press time stood at $1.19 billion, the alt’s highest day by day buying and selling quantity within the final six months.
The value/buying and selling quantity divergence within the final 24 hours confirmed that sellers outnumbered patrons within the FTT market. This was as a result of many merchants tried to exit their FTT positions in case the insolvency speculations had been true.
Sellers captain this ship
On a day by day chart, promoting strain rallied considerably. As of this writing, FTT was severely overbought as key indicators had been positioned in downtrends and much from their respective impartial spots. FTT’s Relative Energy Index (RSI) was noticed at 23.90. Its Cash Stream Index (MFI) was noticed at a low of 8.
These indexes confirmed that the amount of FTT’s accumulation had decreased considerably because the discussions round FTX’s solvency started. Additionally indicating a surge in promoting strain, the dynamic line (inexperienced) of FTT’s Chaikin Cash Stream (CMF) was positioned beneath the central line at -0.46.
With continued FTT distribution, the CMF would hold chasing new lows, additional making any worth restoration tougher.
Moreover, based on knowledge from Coinglass,186,383 merchants have been liquidated within the common cryptocurrency market. This led to the elimination of $367.09 million from the cryptocurrency market within the final 24 hours.
The quantity of FTT liquidations inside the identical interval totaled $8.14 million. This represented 2.22% of the entire liquidations out there.
Nothing right here, simply noise
Cryptocurrency social analytics platform LunarCrush, in a tweet, in contrast the present hysteria surrounding FTT to the hype that srrounded the collapse of LUNA. Contemplating FTT’s place within the early hours of 8 November, its social mentions and social engagements had been at their highest ranges within the final yr.
The hysteria surrounding $FTT proper now has identical vibes because the $LUNA collapse… proper?
🚨 Luna 2.0 or Nah❓
Keep on prime of what is taking place. Do not miss a beat. 👉https://t.co/SGvXmLtY34 pic.twitter.com/Kqj85Xwqmg
— LunarCrush (@LunarCrush) November 8, 2022
On Santiment’s checklist of prime trending phrases within the final 24 hours, FTX, FTT, and SBF occupied the primary three spots. Social discussions round FTT up to now 24 hours have been at their highest within the final six months.
And not using a corresponding progress within the worth of the asset, the surge in social exercise may very well be mere noise however normally signifies {that a} additional decline within the worth of a crypto asset is imminent.