FTT Drops 7.8% to $1.97 – Can It Rebound Above $2.10?
Key Highlights:
- FTT price falls 7.80%, currently trading at $1.97.
- Break above $2.10 could trigger a recovery toward $2.30.
- FTX to begin creditor repayments on February 18, 2025, with $16 billion allocated.
- Technical indicators suggest bearish momentum, but a reversal remains possible.
FTT Faces Market Pressure Amid Volatility
The FTX Token (FTT) is down 7.89%, trading at $1.97, with a market cap of $655.6 million. Despite the price drop, trading volume has surged 79.66% to $61.32 million, indicating increased market activity.
FTT is currently holding strong support at $1.90. If it fails to sustain this level, the next support lies at $1.75. On the upside, $2.10 serves as key resistance—a breakout above this level could push the token toward $2.30, with further bullish momentum potentially leading to $2.50.
Technical Indicators Suggest a Bearish Outlook
- RSI at 41.53 indicates weak buying pressure, with a drop below 40 potentially leading to oversold conditions. A rise above 50 would signal a bullish reversal.
- Chaikin Money Flow (CMF) at -0.26 suggests strong capital outflows, meaning sellers dominate the market. A shift to positive CMF would indicate renewed buying interest.
FTX Creditor Repayments to Begin in 2025
FTX plans to distribute $16 billion in creditor repayments starting February 18, 2025. The first phase will release $6.5 billion to $7 billion in new liquidity, with creditors holding claims under $50,000 receiving full repayment plus 9% annual interest. Another payout round for customer and unsecured claims is scheduled for April 11, 2025.
While FTT is currently under pressure, improved sentiment and a spike in volume could help reclaim $2.10 and set sights on $2.30 in the short term.
