FTX Token has been going upwards steadily since the end of July. The uptrend appears to be going strong with only a few minor breaks. At the time of writing, the cryptocurrency stands at a price level of $37.62. The price has increased by 6% in the past twenty-four hours while the weekly performance is a growth of 20%. FTX is the thirty-first largest cryptocurrency in the market with a capitalization of $3.5 billion.
Technical analysis
The market sentiment for FTX Token is bullish. Fifteen of the total twenty-six technical indicators are giving out an indication of buy. Nine indicators of the rest are standing at a neutral position and only two indicators are standing at a sell position. The Oscillators are neutral while the Moving Averages suggest a strong uptrend.
FTX Token has been identified on an uptrend towards the end of July. The uptrend is acting as a strong support level and various pullbacks to the upside have been established from the level. A trader’s analysis has also identified a strong horizontal support level at $34. In the recent timeframe, FTT tested the support and pulled back to the upside. The current bullish momentum can be accorded to the strong support level. The first target price lies at $43.10 followed by $47.22.
FTX Token future predictions
FTX token is the native cryptocurrency of the crypto derivatives trading platform FTX exchange. Some of the features like centralized collateral pool and stablecoin settlement sets the crypto exchange apart from others in the market. The underlying technology behind the token – the FTX exchange – is what makes the cryptocurrency a good investment. According to the estimates of Wallet Investor, FTX token will be operating at a price level of $76.53 while the five-year projection is at $236.98. Digital Coin Price projects the year-end price in 2021 to be at $54.78. Per their estimates, the $100 mark will be crossed by 2025.
