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FTX Token price risks 30% plunge as a 23M FTT 'part' moves to Binance

Published 11/07/2022, 04:13 AM
Updated 11/07/2022, 06:00 AM
FTX Token price risks 30% plunge as a 23M FTT 'part' moves to Binance
FTT/USD
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An ongoing selloff in the FTX Token (FTT) market could worsen in the coming months owing to a mix of pessimistic technical and fundamental indicators.

From a technical perspective, FTT has formed an inverse-cup-and-handle pattern on the daily chart, identifiable by its crescent-shaped price trend followed by a less extreme upward retracement.

FTT/USD daily price chart featuring inverse-cup-and-handle pattern. Source: TradingView
Number of FTT transactions worth $100,000 or more. Source: Santiment
93% of FTT tokens in circulation are owned by 10 addresses. Source: Etherscan
All stablecoin reserves on the FTX exchange. Source: CryptoQuant
FTT/USD weekly price chart. Source: TradingView/Satoshi Flipper

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