FTT has been on a strong losing streak since it hit the all-time high last September.
With FTT falling through the last strong support, there’s little holding FTT back from dropping any further. To reinforce my bearish bias, I think it would be ideal for FTT to re-test the prior support and turn it into resistance.
Long-term bear target would be the lows from the summer-21 bear market.
What is FTX Token？
The FTT token functions as the collateral for futures trading and offers discounts to traders on fees, OTC and futures options. The trading platform offers leveraged tokens and platforms and plans to rival all other fiat-based cryptocurrency exchanges in the blockchain world.
What Is the FTX Exchange?
FTX is a centralized cryptocurrency exchange headquartered in the Bahamas. As of 2021, the platform has more than a million registered users and records billions of dollars daily in trading volume. It lets people trade innovative derivative products, with many of these expected to set precedents for the future of crypto trading.
Also Read: FTX’s Bankman-Fried Says ‘Messy’ Crypto Regulations Need Fixes