The FTX Token Could Continue Surging After Delaware Judge Approved Reorganization Plan

The FTX Token price plunged 8% in the last 24 hours to trade at $2.42 as of 00:25 a.m. EST on trading volume that surged 282% to $361 million.

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The FTX Token price dropped 2% in the last 24 hours to trade at $2.33 as of 01:18 a.m. EST on trading volume that surged 206% to $318 million.

This comes after Delaware judge approved FTX’s reorganization plan, nearly two years after the organization collapsed into bankruptcy. The plan involves paying out more than $14 billion to customers of the collapsed cryptocurrency exchange.

FTX Token Price Analysis

The FTX Token price has been moving within an upward channel (highlighted by two parallel white lines) since late September. The price appears to be testing the lower boundary of this channel after a small pullback below the $2.58 support, according to data from GeckoTerminal.

This is typical in bullish trends where prices oscillate between support and resistance lines within the channel.

Despite the recent drop, the overall trend remains bullish, especially given that the price is still trading above the 50-day and 200-day Simple Moving Averages (SMAs), both of which slope upwards. The 200-MA at $1.59 is a critical long-term support level far below the current price.

Meanwhile, the Relative Strength Index (RSI) is dropping below the 50-midline level, currently at 48, which shows that sellers are now taking charge of the price.

However, since the RSI is at 48, it indicates a neutral stance. The price of FTX Token is neither overbought nor oversold. This suggests that there might be room for upward movement before the price becomes overextended, especially if the price continues to hold the channel’s lower trendline.

FTX Token Price Prediction

According to the FTT/USD chart analysis of the 4-hour timeframe, the price of the FTX token aims to sustain the upward trend, as it has recovered from a recent downtrend under the rising channel. If this trend continues, the price of FTX Token could soar even further as the bulls target $3.5.

However, as the RSI shows signs of the bears prompting a sell signal, the FTT price may drop further to the $1.59 support (200-day SMA).

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