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FTX Token (FTT), the native utility token of the FTX cryptocurrency exchange, recently experienced a remarkable ascent. In just one month, FTT rose from relative obscurity to reach a price point of $1.60. This turnaround has sparked curiosity and speculation among cryptocurrency enthusiasts, leading many to wonder if FTT, once a leading gainer, can now resurrect its former glory.
The news of launching the claims portal on July 11 positively impacted the FTT token as investors responded favorably, showing confidence in the token. As a result, the value of FTT increased, reaching as much as $1.61.
Despite facing technical difficulties shortly after its launch, FTT holders demonstrated resilience and maintained their confidence in the cryptocurrency.
At 8:30 UTC, the FTT token is trading at $1.62, reflecting a weekly increase of 3.9%, a 0.3% increase in the last 24 hours and a $52.5 million trading volume. Over the past month, the token has experienced a surge of approximately 98.3%.
Exciting news for those who got their crypto stuck on FTX! The Debtors' Customer Claims Portal is live
Finally, long-awaited FTX refund process is underway
This portal allows both individual & institutional users of FTX to potentially recover their crypto
Keep reading🧵👇
— Axel Bitblaze 🪓 (@Axel_bitblaze69) July 11, 2023
Source: Tradingview.com
FTT Shows Strong Upward Momentum and Potential for Bullish Breakout
FTT has been exhibiting an upward trajectory in recent weeks, showcasing an impressive 97.1% gain over the past month. Furthermore, there are no indications of a slowdown as it appears poised to reach a substantial increase of $2.46.
After a prolonged consolidation phase lasting nearly seven months, FTT bulls are reclaiming their market dominance. This resurgence occurred when the price reached the lower trendline of the consolidation, forming a double-bottom pattern. Traders frequently employ the double-bottom pattern as a signal for a trend reversal, indicating a favorable time to enter a buying position.
Should the price maintain its bullish momentum, the bulls could propel FTT’s price beyond the consolidation range at $2.91, resulting in significant price surges. This potential breakthrough may signify the early stages of a sustained bullish trend for FTT, allowing it to recover from the previous crash experienced in November 2022.
FTT Price Indicators Favour Bullish Outlook
Momentum indicators point to a hyped-up market.
The FTX token price has maintained a bullish trend since mid-June, remaining above an upward trendline. The convergence of this ascending trendline with the 200-day Exponential Moving Average (EMA) at $1.40 provides stronger support. Additionally, the Relative Strength Index (RSI) is at 58.85, suggesting there is still more room for an upward movement to reach 70 and eventually the overbought region.
Considering these two momentum indicators that favor a bullish scenario, there is potential for the FTX token price to experience further increases. If buyer momentum surpasses current levels, the token can reclaim the highs reached on June 30 at $2.45. This highly bullish scenario could push price up as much as 50% to $3.03.
On the other hand, early profit-taking could disrupt the rally and trigger a pullback toward the immediate support level of $1.35. If selling pressure intensifies, FTT may reach the 200-day EMA or the 50-day EMA at $1.17 in the worst-case scenario.
For investors who have apprehensions about a swift price pullback in FTT, Wall Street Memes ($WSM) has emerged as a promising alternative that warrants consideration. $WSM has exhibited an impressive surge in its ongoing presale funding, further enhancing its appeal.
Wall Street Memes ($WSM) Raises $14.4 Million in Presale Funding
The brand new Wall Street Memes($WSM) presale has achieved a significant milestone as investors continue to pour money into what industry observers have hailed as one of the top meme coin launches in 2023.
Wall Street Memes, one of the internet’s most influential retail investing communities with a follower count of over 1 million across its various social platforms, has raised more than $14.4 million through selling $WSM.
The community emerged from the movement in 2021 when retail investors united against major financial institutions by driving up the prices of heavily shorted stocks like GameStop and AMC.
Wall Street Memes: The Next Hottest Crypto Presale with Massive Potential
Thanks to its massive clout within the community, analysts are tipping $WSM to become the next Pepe, Shiba Inu, or Dogecoin.
For investors seeking the next low-cap gem, it’s important to note that the Wall Street Memes team has a track record of quickly selling out digital asset launches, unlike many other presales.
The $WSM presale surpassed the highly successful mint of the Wall Street Bulls 10,000 piece NFT collection in 2021, which famously generated $2.5 million and sold out in just 32 minutes.
The king of stonks is rapidly becoming the king of meme coins. In line with its focus on empowering the average individual, 100% of the token supply is allocated to the Wall Street Memes community, with no private sale or team allocation behind the scenes.
$50,000 Massive Airdrop and Potential for 100x Gains
During the presale, 50% of the token supply is available, with the funds raised being allocated to high-level marketing efforts. Additionally, 30% is reserved for community rewards, 10% for CEX liquidity, and 10% for DEX liquidity.
With 30% of the supply allocated to community rewards, it’s reasonable to expect that airdrops to holders will play a significant role in the ecosystem. Meme coin enthusiasts will find it challenging to find another project offering $20 million in community giveaways.
https://twitter.com/wallstmemes/status/1662474606794493954?s=20
Additionally, the degens (slang for risk-tolerant traders) already have their first opportunity to win big. Wall Street Memes is currently running a competition where five lucky presale investors will receive a generous $50,000 $WSM airdrop.
With the potential for 10x gains from $WSM’s exchange listing price of $0.0337, the token could reach a fully diluted market cap of $674 million.
However, some analysts believe that $WSM has the potential to match the size of major established meme coins like Dogecoin and Shiba Inu, which currently have market caps of approximately $9 billion and $4.5 billion, respectively.
In fact, the possibility of 100x gains, leading to a market cap exceeding $6 billion, should not be dismissed. Investors aiming to benefit from potential future price rises should consider participating in the meme coin’s presale as soon as possible to secure their $WSM at the best possible discount.
$WSM can be purchased on the Ethereum blockchain and BNB Smart Chain using ETH, BNB, or USDT (ERC-20 or BEP-20). To make a purchase, users must connect their crypto wallet to the wallstmemes.com website.
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