FTX Token Price Up By 13% – Time To Buy FTT?

Proprietary coins by crypto exchanges have boomed in the last couple of months.

One of such best-performing digital tokens is the FTT token. With the FTX crypto exchange becoming more popular, several investors want to buy FTT.

Meant to provide utility within the FTX Bitcoin exchange, FTT has had a tumultuous 2021 with the broader crypto market. With Bitcoin losing 50% of its market value during the May wild swing, FTT saw its value slashed by half as well.

However, the ERC-20 token is already on a rebound and is posting positive price action so far.

This article examines the unique role FTT plays in the FTX ecosystem and see if this might be an opportune time to buy FTT.

FTX Token: Fuel For The FTX Exchange

Sam Bankman-Fried and Gary Wang founded FTX crypto exchange to educate investors on the potential inherent in blockchain-based assets.

The Bitcoin exchange, which currently occupies the 4th position on the global crypto exchange rank behind top US exchange Coinbase, aims to bring innovation, risk management, and liquidity into the evolving crypto market.

FTX has rolled out several impressive features in the aspect of innovation, including a “quant zone,” volume monitor, exchange statistics, FTX Pay, and non-fungible tokens (NFTs).

To achieve this aim, the FTX Token (known by the ticker symbol FTT) was created by FTX in collaboration with Alameda Research, a full-service cryptocurrency trading firm.

The genesis block of the FTX Token was initially launched in April 2019, but the utility token only began trading in August of that year. FTT enables users to earn rewards, exercise voting rights, and stake on the FTX platform.

Another unique feature of the FTX Token is leveraged tokens, which allow users to take leveraged positions without engaging in margin trading. These tokens are ERC-20 compatible tokens meaning they can be easily swapped for other tokens and traded on any spot exchange.

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FTT: Breaking The Ice In July

FTT currently occupies the 36th position on the global crypto market chart, with over $2.8 billion in market value locked in the digital token. Its fully diluted market cap is up 10.50%, indicating that more investors want to buy FTT.

With a current market value of $30.03, FTT is up 13.84% in the last 24 hours. This rally has served as a boon for investors as the crypto market has begun to find its feet after two trying months. FTT’s recent rally is only a reflection of the token’s journey so far in the year.

Beginning the year at $5.821, FTT has seen exponential growth surging to an all-time high (ATH) of $61.25 on May 8 before the general crypto market crash. It subsequently dropped to $36.04 two weeks as the heat surrounding Bitcoin’s mining process began to pick up.

However, it could not retain this price action and slid further down, ending May at $31.42. The opening days of June seemed to come with some respite, with the FTT token rallying to $36.43 on June 3, but market pressure did not allow it to retain this price action for long, and it fell to a mid-year low of $22.79 on June 26.

However, July seems to see it rally towards the $36 resistance level, and this may be a great time to buy FTT and rise with the market.

FTT Technical And Fundamental Analysis

This recent rally has benefited FTT value immensely. The digital asset is trading above the 20-day moving average (MA) support and does not seem to be coming down anytime soon. The support stands at $26.778, which means FTT is in a bull market. Its relative strength index (RSI) is also promising, with the oscillator showing a trend line of 53.38, meaning it is trading above the oversold region and below the overbought status.

However, two days prior, FTT RSI was at 41.17, which shows that more investors are looking to buy FTT.
Market analysts also believe that FTT will end the year on a high. According to Digitalcoin, FTT will trade at $44.62 and may hit $133.41 by 2028. Wallet investor puts FTT numbers at $81.188 for the year and $297.162 in the next five years.
Meanwhile, FTX has been ramping up its efforts to grow its crypto business. The trading platform secured the rights to the naming rights of the Miami Heat basketball court.
FTX also entered into a partnership with Major League Baseball (MLB) as the Official Cryptocurrency Exchange brand of the MLB.
FTX cryptocurrency derivatives exchange has also received endorsements from public figures like National Football League (NFL) star Tom Brady and supermodel Gisele Bundchen.

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