FTX Token Price Prediction – Why is FTT Crypto Pumping in November?

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FTT, the token associated with the troubled FTX exchange, has experienced a remarkable 32% surge in value over the past seven days, likely fueled by recent turmoil at rival Binance.

On Tuesday, November 21, the $BNB price experienced a sharp downward turn following the unexpected announcement of Changpeng Zhao’s resignation as CEO of Binance, the world’s largest cryptocurrency exchange.

This leadership shakeup triggered a panic sell-off, causing $BNB, the native token of Binance, to plummet in value. However, amidst the turmoil in the cryptocurrency market, $FTT, exhibited a surprising surge in price.

Additionally, speculations about the potential resurgence of FTX, alluded to by SEC Chairman Gary Gensler, have also contributed to the upward movement in $FTT’s value, indicating a potential comeback within legal frameworks.

This article will delve the anticipated price trajectory of FTX Token. For an in-depth analysis, access the provided video below and consider subscribing to his YouTube channel for additional crypto-related content.

Jacob Crypto Bury also runs a Discord community of over 17,000 members, providing trading strategies and updates on forthcoming crypto presales.

Could New Management Revive This Troubled Crypto Exchange?

The FTX operates on the ERC-20 token and serves as a crypto derivatives exchange, aiming to deliver institutional-grade solutions, including futures, leveraged tokens, and Over Counter (OTC) trading.

Despite a troubled history that led to the FTX cryptocurrency derivatives exchange filing for bankruptcy in November 2022 and recent legal challenges against its owner, Sam Bankman-Fried, the $FTT token has shown recent signs of price recovery.

According to a CNBC report, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), believes there is potential for the bankrupt cryptocurrency exchange FTX to be revitalized if new management adheres to appropriate laws.

During the 2023 D.C. Fintech Week from November 6 to 8, Gensler mentioned that Tom Farley, former president of the New York Stock Exchange (NYSE) and founder of the crypto exchange Bullish, is among the contenders to purchase the remaining assets of FTX.

Gensler emphasized the importance of operating within legal frameworks, building investor trust, providing proper disclosures, and avoiding conflicts of interest, such as trading against customers.

He highlighted the U.S. government’s stance against allowing entities like the NYSE to operate both as a stock exchange and a hedge fund, drawing parallels to how FTX and its sister trading firm Alameda Research operated simultaneously.

FTX’s sister firm, Alameda Research, served as a market maker with significant privileges, including access to an unlimited line of credit without collateral. This arrangement contributed to a substantial financial shortfall in FTX’s balance sheet when it faced a crisis in November 2022.

Gensler emphasized that such practices would not be tolerated in traditional financial markets. While FTX founder Sam Bankman-Fried faced legal consequences, the interim management, led by CEO John Ray, is working to recover funds from various sources and planning to relaunch the exchange.

Binance Suspends US Operations, Sends Investors Flocking to $FTT

The surge in value is linked to positive sentiments surrounding $FTT. Furthermore, the upward trajectory suggests a shift by investors from Binance coins to $FTT, particularly in response to heightened regulatory challenges faced by Binance.

📊 Although many see the #Binance news as the main culprit for one of the biggest retraces of the year, the fact of the matter is that #altcoins had already seeing shrinking market caps. Interestingly, it appears some traders are swapping their $BNB for @FTX_Official's $FTT. 🤔 pic.twitter.com/4eWvWp5kOc

— Santiment (@santimentfeed) November 22, 2023

According to a Twitter post by Santiment, a blockchain analytics platform, on November 22, some funds are finding their way into FTX Token following Binance’s decision to suspend its operations in the US.

$FTT has experienced a trading volume exceeding $280 million in the last 24 hours, indicating robust interest and likely contributing to the ongoing price surge.

$FTT Crypto Price Prediction

At the time of writing, the current value of FTX Token stands at $4.51, accompanied by a market capitalization of $1.52 billion. Over the past 24 hours, the $FTT price has seen an increase of over 2.42%.

A successful push by the bulls beyond the resistance level of $4.95 would likely sustain the upward momentum, potentially initiating a run towards the upper resistance level of $5.41 in the near term.

Should the market effectively maintain the price at that level, preparations might be made to challenge the resistance level of $6.23 in the coming period. On the other hand, if bearish sentiment gains the upper hand and overpowers the bulls, the price could lose its momentum and fall to test its support level at $3.67.

Additionally, prolonged bearish dominance could set the stage for a test of the lower support level at $2.39 within this month. Considering potential initiatives in development and community-building by the FTX token team, the altcoin could achieve higher peaks, especially with the backdrop of Bitcoin’s expected halving event in 2024.

In such a scenario, the $FTT price forecast might ascend to its potential peak of $6.82. The projection for $FTT anticipates trading within a price range of $4.38 and $6.82 in the upcoming year. For a broader perspective on potentially profitable investment opportunities, see our articles highlighting the best cryptos to buy now.