FTX Price Surges 60% Amid Rumors Of FTT Exchange Relaunch?

The post FTX Price Surges 60% Amid Rumors Of FTT Exchange Relaunch? appeared first on Coinpedia Fintech News

The market has experienced a short squeeze in value as the industry has witnessed a jump of over 3% within the past day. Bitcoin has surpassed $36,000 for the first time this year. On the other hand, bankrupt cryptocurrency exchange FTT’s FTX price has claimed the top gainer spot by adding approximately 60% within the past day.

The Securities And Exchange Commission (SEC) chair, Gary Gensler, recently made a statement on the future of Alamandas FTX, stating that the FTT exchange, with the right vision and under new leadership, could rebound in the market. Following this news, the price experienced a surge of over 60% in value within the past day.

The FTX price was seen trading in a narrow space between $0.9722 and $1.0590 for a brief period, following which the price experienced a pump, resulting in the price breaking out of the upper level.

The FTT token continued to gain value but was rejected at the resistance level of $1.3648, after which the price was once again seen trading sideways.

November started on a bearish note as Sam Bankman-Fried (SBF) was charged guilty, resulting in a price drop. The price broke down its support level, but the market regained momentum, and the price reclaimed its place but was rejected at $1.4608.

The MACD displayed a constant flatline for a brief period, following which the price gained massive momentum, indicating an ongoing massive price action for the coin. Further, the chart shows a rising green histogram, suggesting the price will continue gaining value in the coming days.

Will The FTX Price Regain Value?

If the Bulls push the price above the resistance level of $2.2990, the price will continue to gain momentum and make a run to test its upper resistance level of $2.400 soon.

Further, if the market maintains its price at that level, it will then set a stage to attempt the resistance level of $2.55 in the coming time.

Conversely, if the bears overpowered the bulls, the price would lose momentum and start trading under a bearish influence, resulting in the price falling and testing its support level at $1.7189 soon.

Moreover, if the market bears continue to dominate the market, it will plunge and retest its lower support level of $1.4608 this month.