FTT Price Plunge Ahead? Brace for $0.8 as Bearish Signals Intensify…

"FTT Price Drop? Prepare for $0.8 as Bearish Signals Rise..."

FTT experienced a 12.39% decline, briefly recovering 1.60%. A death cross suggests further price drops due to increased distribution and bearish patterns.

Rachel Patel24 February 2025Last Update : 7 hours ago

Will FTT drop to $0.8? What to expect as bearish signals rise

ambcrypto.com

FTT, the native token of the now-defunct FTX exchange, has experienced a significant decline of 12.39% over the past week, with a slight recovery of 1.60% in the last 24 hours, bringing its price to $1.89. As of February 24, 2025, analysts warn that this recovery may be temporary, as bearish signals indicate potential further price drops.

6 Key Takeaways

FTT declined 12.39% in the past week.
Recent 24-hour relief saw 1.60% increase.
Death cross pattern indicates potential sell-off.
Distribution volume at lowest since year began.
Head and shoulders pattern suggests further decline.
FTX payouts to creditors create market uncertainty.

Fast Answer: FTT has declined 12.39% in the past week but briefly rose 1.60% to $1.89. Analysts predict further declines due to bearish market signals, including a death cross pattern and significant asset distribution.

In recent trading, FTT has formed a death cross pattern on the daily chart, where the MACD line crossed below the signal line, indicating a potential sell-off. Currently, the MACD reading is at -0.0720, while the signal line is at -0.0688, suggesting that the asset is trading in a negative zone. This pattern typically precedes significant price declines, and the Accumulation/Distribution ratio indicates a distribution volume of $55.51 million, the lowest since the beginning of the year.

FTT is also forming a head and shoulders pattern, which is a bearish signal. As it trades at a crucial neckline, a breakdown could lead to a further drop of 56.59% to approximately $0.811. The likelihood of this decline hinges on the continuation of bearish indicators, including the MACD and A/D ratios.

Despite the ongoing bearish Trends, FTX is set to begin distributing $1.2 billion to creditors, which includes a 9% gain on assets since November 2022. Historically, such events can lead to price rebounds; however, FTT has not responded positively, leaving market sentiment uncertain.

Notice: Canadian investors should be cautious as the cryptocurrency market remains volatile, with significant price fluctuations expected in the coming days.

The current market dynamics for FTT suggest a challenging outlook, with bearish patterns indicating potential further declines. The asset’s performance in the wake of creditor payouts from FTX adds to the uncertainty, raising questions about future price movements.