FTT, the original Cryptocurrency of the bankrupt FTX Cryptocurrency exchange, is leading the market with a strong increase in the past 24 hours.
This price increase comes as the market awaits the commencement of FTX’s Chapter 11 Plan of Reorganization approved by the court on January 3.
FTX Begins Reorganization Plan In January, FTT Soars High
In one press release recently, dissolved exchange FTX confirmed January 3 as the effective date for the launch of its court-approved Chapter 11 Reorganization Plan. According to the press release, the first round of refunds will occur within 60 days of this effective date.
With less than 10 days remaining, trading activity around FTT has begun to heat up. As of press time, this altcoin is trading at $3.21, up 14% in the past 24 hours. This double-digit growth made it the market’s strongest gainer during that period.
Furthermore, FTT’s price increase has led to an increase in profits in its transactions. TinTucBitcoin’s assessment of its on-chain performance revealed that the ratio of FTT’s on-chain trading volume is in profits exceeding the number of losses.
According to Samtimement, this ratio is currently 7.22. This means that for every FTT trade that lost money today, 7.22 trades turned a profit.
Plus, as January 3 nears, FTT investors have increased their bets on maintaining the bullish trend. Its Long/Short ratio reflects this. As of the time of writing, this index is 51.15%.
This ratio measures the ratio of traders who have long positions (expecting prices to increase) to short positions (expecting prices to decrease) in the market. FTT’s long ratio at 51.15% shows that more traders are betting on price increases than on the downside, indicating a mildly positive market sentiment.
FTT Price Forecast: What are the Expectations?
The FTT Token’s price rally pushed it above resistance at $3.29. If buying pressure continues to increase, the Token price will break the next resistance level at $3.78 and attempt to reclaim the one-year high at $4.40.
However, if it fails to surpass the $3.78 price mark, the FTT Token price could begin a downtrend. In that scenario, the altcoin price could drop to $2.95.