FTT is currently trading at $1.97, down 7.80% in 24 hours.
A break above $2.10 could signal a reversal toward $2.30. FTX will begin its creditor repayments on February 18, 2025, with $16 billion allocated for payouts. Phase 1 will distribute $6.5 billion to $7 billion in new liquidity. Creditors with claims below $50,000 will be fully repaid. Additionally, they will earn 9% annual interest on their claims. Another allocation for customer and unsecured claims is scheduled for April 11, 2025. FTX Token (FTT) is currently trading at $1.97, reflecting a 7.89% decline in the last 24 hours. The market cap stands at $655.6 million, mirroring the same percentage drop. However, trading volume surged 79.66% to $61.32 million, indicating heightened market activity. The market cap ratio is at 9.32%, signaling strong liquidity despite price declines.
**Technical Indicators and Market Trends**
FTT has found strong support at $1.90. If the price breaks below this level, it could test the next support at $1.75. On the upside, resistance is near $2.10. If the price breaks above this level, it could push toward $2.30. A further bullish breakout might take FTT toward the $2.50 range, but sustained buying pressure is required.
The 14-day RSI is currently at 41.53, indicating bearish momentum. The RSI moving average is 48.17, suggesting weak buying pressure. If RSI drops below 40, FTT could enter oversold territory, possibly leading to a short-term bounce. A break above 50 on the RSI would indicate a shift toward bullish momentum.
The CMF is at -0.26, suggesting that capital outflows are stronger than inflows. This indicates that sellers have control over the market. If CMF turns positive, it would signal increasing buying pressure and could push FTT toward higher price levels.
FTT is facing downward pressure as it nears key support levels. If selling momentum continues, the token could dip below $1.90. However, a surge in volume and improved sentiment could help FTT reclaim $2.10 and target $2.30 in the near term.
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