FTX Token Price Prediction: FTT Token Tumbles 8%, But Is This Telegram Casino Presale The Best Crypto To Buy Now?

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FTX token price is down 8% in the last 24 hours to trade for $3.0350 as of 4:30 a.m. EST time, with a 45% drop in trading volume.

It comes amid turmoil over the FTX bankruptcy and customer claims after a recent court filing disclosed that the defamed exchange was seeking approval to repay customer claims in US Dollars (USD).

This sparked criticism among creditors, who complained that the proposed values would significantly undervalue their digital assets. As a result, the ecosystem continues to face legal issues over the valuation of crypto claims.

FTX Debtors face scrutiny over Bitcoin price proposal.Seeking appraisal in USD based on Nov.11, 2022, prices, the move sparks criticism from creditors who claim undervaluation of their digital assets. Risky move or smart strategy?Read more on CoinPedia Fintech News. #FTX #Bitcoin pic.twitter.com/y4RKRDp1EY

— Gexchain (@gexchainoffical) December 29, 2023

Creditors’ representatives, christened the FTX 2.0 Coalition, have urged the affected customers to challenge the compensation plan that undervalues their debt, with the market looking forward to January 11, the deadline for filing objections, after which the court’s decision will be due.

Elsewhere, amid ongoing spot Bitcoin exchange-traded funds (ETFs) hype, the window for approval will open on January 5. With it, market wars among prospective issuers continue, with four commercials or ads already out, one from VanEck and Hashdex. At the same time, Bitwise has published two, spearheaded by renowned actor Jonathan Goldsmith.

Born to Bitcoin. 🧡 pic.twitter.com/qYI3bmZDvC

— VanEck (@vaneck_us) December 29, 2023

FTX Token Price Outlook

After activating a rising wedge pattern with a 30% crash, the FTX token price is consolidating above the $2.8300 support level. FTT price is trying to defend against an extended fall after the 8% crash.

However, judging from the technical indicators, the odds still favor the downside, suggesting a possible fall below the $2.8300 support level. To begin with, the Relative Strength Index (RSI) is moving horizontally, subdued as buyer momentum remains weak below the 50 level.

If sellers continue having their way, the FTX token price could extend the fall, losing the critical support at $2.8300. In the dire case, the fall could extend below the $2.0000 psychological level or, worse, roll over to the support floor at $0.9847. Such a move would constitute a 65% drop below current levels.

Both the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicators accentuate the bearish thesis for the FTX token price. Their histogram bars are flashing red to show the bears have established a strong presence in the FTT market. Worse, both the AO and MACD are in negative territory, showing that the odds strongly favor the downside.

Converse Case

However, if the bulls find the strength to increase their buying pressure, the ensuing purchasing power could see the FTX token price push north. For the bearish thesis to be invalidated, the price must record a decisive daily candlestick close above the $5.5980 resistance level.

In a highly bullish case, the gains could extend for the FTX token price to tag the $6.4854 resistance level. A break and close above this level would set the tone for a continuation of the prospective uptrend.

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Promising Alternative To FTX Token

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