FTT Price Prediction: FTT Defies Positive Market Sentiment as Exchange Begins Payouts to Creditors

In the past week, FTT has seen a major decline of 12.39% as the bearish wave intensified. However, in the past 24 hours, the asset saw brief relief

FTT price saw a brief respite on March 8 as the asset climbed 1.60% in the past 24 hours, trading at $1.89. However, a closer inspection of the market structure suggests this recovery might be a lower high before an intensified market fall takes place.

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة. سعر FTT اليومي ينذر بانخفاض كبير

A daily chart of FTT price action shows the formation of a death cross pattern. This occurs when the blue MACD line crosses below the orange signal line at press time.

The MACD had a reading of -0.0720, while the orange signal line was at -0.0688, with price trading in the negative zone.

When a death cross forms in the market, it suggests a massive sell wave is incoming, which tends to lead to a price decline. MACD stands for Moving Average Convergence Divergence.

This bearish stance is likely to persist as there has been notable FTT distribution by market participants. Distribution is a phase where traders reduce their exposure to an asset by selling.

The Accumulation/Distribution (A/D) ratio showed the distribution volume at $55.51 million at press time, the lowest level since the year began. Should this intensify, the asset’s price could drop further.

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة. سعر FTT اليومي ينذر بانخفاض كبير

FTT was trading at a critical point on the chart as of this writing, as it had formed a major bearish pattern known as a head and shoulders pattern.

This involves price trending higher while retesting a support level known as a neckline.

As seen on the chart below, FTT was trading at the neckline, and it’s likely to break down from this level. Should this occur, the asset could plunge 56.59% to $0.811, reflecting the current market sentiment.

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة

FTT الدنوية تصل إلى 12.39٪ وسط موجة هبوطية متصاعدة. سعر FTT اليومي ينذر بانخفاض كبير

However, the tendency for the price to move lower depends on indicators—MACD and A/D—continuing to maintain their bearish phase.

FTT Defies Positive Market Sentiment

This development in FTT’s movement comes at a time when the now-defunct exchange FTX, in which the asset served as its native token, begins creditor payouts.

The exchange is set to distribute $1.2 billion, including a 9% accrued gain on assets since November 2022. In total, $16 billion will be allocated to creditors who have filed claims, according to reports.

Historically, such developments trigger a price rebound, but FTT has yet to see a meaningful uptick, leaving uncertainty over market sentiment.