FTT Price Skyrockets ~93% in 24 Hours: Is FTX Repaying Creditors?

The FTX token has recorded a massive price surge in its portfolio in the past few hours raising many speculations. Notably, the price rally sparked

The price of the FTX (CRYPTO: FTT) token surged massively in the past few hours, sparking speculation among crypto enthusiasts.

The price rally comes after a tweet by crypto influencer “Crypto Rover” on Monday, which claimed that the FTX exchange could be preparing to repay a large sum of money to its creditors.

According to the influencer, the exchange might be planning to pay back $16 billion to its creditors, beginning on September 30.

The report adds that the exchange might be preparing to sell its seven-figure non-fungible token (NFT) collection to raise funds for the creditor repayments.

The FTT token price surged around 93% in the past 24 hours, with a trading volume of $228.95 million, a jump of 2,263.3%.

Investors entered a FOMO-like situation with questions like “Why is FTT Pumping?”

FTX Price Tops Single Day Inflow For The 1st Time Since 09th Nov 2023!

The price surged past several levels to reach highs not seen since March. With the recent price surge, the FTT coin price experienced a multi-level breakout.

After recording a brief period of consolidated price action, the failed exchange price breached its resistance trendline and went on to hit 7-month highs.

On the price chart, the Relative Strength Index (RSI) showed a steep rise in the 1D time frame for the FTT price.

The indicator breached its overbought zone, with its average trendline offering support to the price trend.

Moreover, the MACD indicator experienced a significant rise in its green histogram, with the averages indicating strong bullish activity.

This suggests that the FTX price is likely to continue increasing in the upcoming period.

Will FTX Price Hit $5 This Uptober?

If the speculation turns out to be correct, the FTT coin price may head toward its upper resistance level of $3.255.

Sustaining the price at that level could set the stage for the collapsed exchange to retest its highs of $4 in the upcoming period.

However, there is no official confirmation from the exchange team regarding this report.

With a lack of strong, reliable sources, many investors are unsure about the authenticity of this claim by the crypto influence on the “X” platform.

If the news is found to be fabricated, it could lead to a severe market correction.

The FTX price could experience a free fall-like situation and plunge toward its crucial low of $1 within a short period.

Are you interested in learning more about the FTT token’s future? Check out our FTX Crypto Price Prediction