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FTX token (FTT) defies bearish market sentiment with a 35% rally.
On the heels of news that FTX customers could be refunded in full, FTX Token (FTT) has seen an impressive run over the past day.
TTF it is up 35.6% in the last 24 hours and is trading at $2.16 at the time of writing. The asset’s market capitalization rose to $710 million, becoming the 108th largest cryptocurrency. Notably, the price of the FTX token hit a six-week high of $2.27 around 05:00 UTC, last seen in mid-March.
FTT Price, RSI, Active Addresses, Profit Offer and Stock Market Inflow – May 8 | Source: Santimento
According to data provided by Santiment, FTT’s Relative Strength Index (RSI) has risen from 57 to 62 in the last 24 hours. The indicator shows that the token is currently overheated and high price volatility would be expected.
An RSI below 50 could potentially lead FTT to a gradual increase in prices.
It is important to note that the FTX token has no utility at the moment and could still be used to pay creditors.
A recent report shows that the FTX he has billions of dollars more than necessary to offset the losses it caused to more than two million customers in November 2022.
According to Santiment data, FTT has 95 active addresses in the last 24 hours. While this is a steep incline from the 61 daily active addresses over the past two days, there is still a high probability of whale activity and manipulation.
Furthermore, the TTF Daily trading flow also increased by 75% in the past 24 hours, reaching 302,950 tokens, according to Santiment. At this point, some investors and traders may be looking for short-term profits due to the sudden increase in foreign exchange inflow.
Santiment data shows that 230 million of FTT’s 328.8 million circulating supply is currently profitable.