The completion of a new round of funding by the FTX exchange has spurred bullish FTT price predictions. The FTT token price gained nearly 20% on the day before an intraday selloff in the crypto markets forced prices lower. The token retains a 7.12% gain as of writing.
FTX attained a valuation of $25 billion after completing a $420 million Series B-1 funding round that saw Temasek, Sequoia Capital, IVP, Sea Capital, Ribbit Capital and the Teachers’ Innovation Platform as new investors in the project. This comes after the company raised $1billion in July, sending the valuation to $18 billion at the time. The growth in user base and trading volumes in the months since has been nothing short of phenomenal.
What is the FTT price prediction for today?
The FTT price prediction following the completion of the ascending triangle is for the price to aim for completion of the measured move at the intraday resistance of 75.09 (15 September high). Price action has been rejected at this point, and the pullback has taken out 70.88 and aiming for the 62.14 support (triangle’s upper border). A retracement bounce at this area allows for a retest of 70.88 and 75.09. If the price surmounts these two levels, 85.33 becomes an additional target to the north.
On the flip side, a price decline that extends below 51.91 opens the door for bears. However, the 200-day moving average and the 43.18 support will have to give way if the decline extends towards the highs of 27 May and 4 June 2021 at 36.85.
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This post was last modified on Oct 21, 2021, 15:36 BST 15:36