The FTX token is, for lack of a better descriptive word, flying off the rafters.
At the time of writing, the token is up 22 percent on the last trading day and a massive 78 percent week-to-date, crashing the USD in the process.
This surge in valuation places FTT at 26th, flipping layer-1s like Tron.
FTX Exchange Token Market Performance and Price Status
The only natural question a trader can ask themselves is why? Why this surge? The answer lies in the quality of the exchange and their ambition.
FTX Derivatives exchange is based in Hong Kong and is compliant with existing laws. It continuously strives to edge Binance through its product offerings—like the idea of leveraged tokens and leverage—, and asset diversity.
On the client’s side, the derivatives exchange has a nifty claw-back prevention mechanism to protect against social losses. What’s more? SBF—a billionaire backs FTX.
It is also not forgetting Alameda Research.
This mix values the FTX derivatives exchange at a whopping $18 billion after receiving $900 million in the recent funding round.
Will FTT track the same path as BNB? Most probably, it would.
At least reading from price action in the daily chart makes it clear that FTT token prices are tearing higher, easing past critical resistance levels.
FTT prices are in price discovery at spot rates, trending at new all-time highs after breaking above H1 2021 at around $61.
Pasting a Fibonacci extension between the swing high and low indicates that FTT might reach $152—the 2.618 Fibonacci extension level—doubling the current valuation.
FTT Token Ready for $95
Overall, traders are bubbly, expecting trend continuation in the days ahead. One trader says the FTT would continue charting higher, surging towards $95.
— timepricetraveller (@timepricetravel) September 5, 2021
Since FTT token prices are in price discovery and unchartered water, this could be a possibility if participation is high.
The $95 level, not surprising, is a crucial reaction point flashing with the 1.618 Fibonacci extension levels of the Q4 2020 lows and H1 2021 highs. If FTT buyers ramp up, the coin would likely rally again towards $150.
FTX Exchange Bulls Targeting $100
However, another trader is even aiming higher. In his preview, the FTT token is ripe for three digits.
#FTTUSDT– Both targets are done, High 82.56 so far. If hold above 73.00 then next Target will be 103.70. #FTXToken #cryptocurrecy Join https://t.co/pV9lowCgeV for more #Altseason2021 updates. pic.twitter.com/xo5MZnVC8s
— Mind Trader (@mindandtrading) September 7, 2021
The analyst predicts that FTT prices would soar above resistance levels to reach $100 in upcoming sessions.
With the all-time high cleared—as per early predictions—the token is ripe for another swing higher. It would be inevitable for FTT prices to reach $100, surpassing expectations.
FTT Token to Outperform BNB in the short-term?
As expected, there is an inevitable comparison between FTT and BNB tokens. Both are stable projects and have posted steady gains.
However, FTX might outperform BNB in the next few weeks. It is considering their solid hires, compliance with existing laws, and funding rounds that would likely draw more demand for FTT.
Accordingly, the odds of FTT prices defying gravity in a moon swing remain attractively high.
Charts courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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