The price of #ftx is approaching $5 after seeing a significant increase of 46.5% during the last 48 hours, which has reignited a positive market sentiment.
The inventor of Binance, CZ, emerged as a prominent opponent of FTX following its collapse in 2022. It is noteworthy that FTT, the native token of FTX, is currently seeing a significant surge in value subsequent to CZ's departure, which may be seen as an ironic turn of events.
One further factor contributing to the ongoing upward movement of FTT is the persistent accumulation of large-scale investors, sometimes referred to as "whales." This accumulation has led to the acquisition of around 2.91 million FTT tokens over a span of 20 days.
The FTX price had a surge, along with several other cryptocurrencies, following the imposition of penalties on Binance, the largest global exchange, by the United States government. Individuals who have constantly monitored the cryptocurrency in recent days may have seen financial gains as a result of the upward surge. However, it is the large-scale investors, sometimes referred to as "whales," who are reaping the most benefits.
The price of FTX experiences a significant surge on the second occasion within the current month.
At the moment of composing this text, the price of FTX stands at $4.74, indicating a significant increase of 46.5% during the last 48 hours. In the preceding month, namely on November 10, FTT managed to astonish its investors by exhibiting a remarkable surge of 219% in value within a span of two days. This occurrence has been regarded as one of the most favorable periods for FTT stakeholders since the demise of the exchange in November 2022.
The anticipated outcome of the cryptocurrency surpassing the $4.55 resistance level following the last surge did not materialize at that time. Conversely, a decline in market activity occurred, leading to adjustments that caused $FTT to exhibit lateral price fluctuation.
Based on the analysis provided by the Moving Average Convergence Divergence (MACD) indicator, the decline of Binance had a positive impact on FTT, as the cryptocurrency was approaching the beginning of a downward trend. The red signal line was approaching a crossover with the blue MACD line, while the bars appeared to be on the verge of descending below the neutral line.
Nevertheless, the increase in price hindered the realization of this outcome. The current objective of FTX pricing is to surpass the $5.00 mark, a feat that can only be achieved if the $4.55 level is firmly established as a support level.
If the FTT were to decline along this trajectory in order to rectify some of the recent surges seen, similar to what occurred after the last increase, it is plausible that the FTX price may potentially decrease to $4.00 and $3.00. If the aforementioned support is lost, it would render the bullish argument incorrect and expose FTT to the risk of a drop to $2.42.
The financial performance of FTT whales remains consistently profitable.
The occurrence of the Binance incident, resulting in the subsequent increase in the value of FTX, was warmly embraced by investors holding FTT. The network experienced a significant surge in the quantity of addresses engaging in transactions on the blockchain. The number of active addresses experienced a significant increase of 280% over a span of 48 hours, rising from 203 to 772. This surge in activity suggests a heightened level of enthusiasm among investors, maybe driven by the anticipation of seeking retribution.
This possibility arises due to the fact that Changpeng Zhao (CZ), the creator of Binance, emerged as a prominent detractor of FTX subsequent to the latter's downfall in November 2022. Therefore, it is probable that FTT holders are celebrating because to the impending 18-month prison sentence that CZ is expected to serve.
Nevertheless, it was not the group of lesser traders that generated the highest profits, but rather the whale addresses. According to Santiment, a blockchain analytics platform, it has been seen that the ten most significant wallets have accumulated around 2.19 million FTT tokens, equivalent to a value of approximately $10.3 million, since the commencement of the current month.
The conviction of the individuals has contributed to the organization of rallies, indicating that their decision to sell their holdings might potentially lead to a dramatic decline in the price of FTX. Therefore, it is recommended that investors closely monitor their actions.
