FTT price rises by 16% in ten days, bringing investors' losses to a two-month low
- FTT price increase also breached the 14-month-long downtrend, bringing the asset closer to the next important resistance.
- More than 17% of the addresses that were underwater recovered with this rally, witnessing profits after two months.
- FTT is noticing bullishness following its exclusive partnership with GameStop, announced a month ago.
FTT price, following the broader market signal, observed a significant increase over the last ten days. However, beyond the bullish cues, the development noted by the FTX exchange itself also contributed to this price rise. The rally also turned things around for many FTT investors, resulting in much-awaited profits.
FTT price climbs new highs
FTT price might not have established a new all-time high, but the recent rally certainly pushed it beyond a crucial resistance level. The downtrend line established following the decline from FTT's all-time high of $79 was breached this week. The 16% increase in FTT's market value made it happen for the first time in 14 months.
The rise in price also helped the cryptocurrency reclaim the 50-day (red) Simple Moving Average (SMA) and the 100-day variant.
Both these levels are crucial in sustaining this growth as FTT nears $32.5. Acting as the next critical resistance, this price level has been tested as resistance multiple times in the past, and flipping it into support is crucial for FTT.
This would be possible since, historically, every time the altcoin bounced off the critical support line ($21.67), it rallied to test the resistance, even breaching it in July 2021. It shouldbe able to achieve the same this time as well since the Relative Strength Index (RSI) is still highlighting buying pressure for the asset. (ref. FTT/USD 1-day chart)
Profits on the way
The price increase was also the first instance since September 13 that investors noted some profits. Break Even price calculates the addresses either in profit or loss depending on the price at which they purchased their asset. According to it, the percentage of loss-bearing addresses reduced from 92% to 75% over the week.
FTT addresses facing losses
This will further reduce if FTT's rise continues, which is possible since FTX is gearing up for its deal with GameStop. Through this partnership, FTX will become GameStop's exclusive crypto exchange partner in the U.S.
Pushing forward on the same, FTX made its first announcement teasing the arrival of something soon. Thus, FTT would be an important asset to look out for.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
