This article will analyze the FTT coin according to www.coinmarketcap.com data. First, we will discuss the FTT coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is FTT Coin?
FTT Coin is the native cryptocurrency of the FTX cryptocurrency derivatives exchange. FTX is a cryptocurrency exchange that offers a variety of derivatives products, including futures, options, and leveraged tokens. FTT Coin is a utility token on the FTX exchange, providing users various benefits, such as reduced trading fees, staking rewards, and voting rights in the FTX ecosystem. FTT Coin is also used to support the development of the FTX platform, as a portion of the exchange’s revenue is used to buy back and burn FTT Coins.
What are the projects of FTT?
FTT Coin is the native token of the FTX cryptocurrency derivatives exchange. FTX aims to provide a platform for traders to trade cryptocurrency derivatives securely, transparently, and efficiently. Some of the projects and initiatives of FTX and FTT Coin include:
FTX Exchange: This cryptocurrency derivatives exchange allows traders to trade futures, options, and other derivative products.
FTX Leveraged Tokens: These are ERC-20 tokens that give traders leveraged exposure to various cryptocurrencies. For example, a 3x leveraged Bitcoin token will increase by 3% if Bitcoin increases by 1%.
FTX Indexes: These indexes track the performance of various cryptocurrency markets. For example, the FTX Bitcoin Index tracks the price of Bitcoin on various exchanges.
Serum DEX: This decentralized exchange is built on the Solana blockchain. FTT Coin is used as the governance token for Serum, which allows users to participate in the decision-making process for the exchange.
FTX Charity: FTX has pledged to donate 1% of its annual revenue to charity. This initiative aims to give back to the community and support various charitable causes.
These are some of the projects and initiatives of FTX and FTT Coin.
Factors Influencing FTT Price
Several factors can influence the price of FTT Coin, which is the native cryptocurrency of the FTX exchange. Here are some of the critical factors:
Market demand and supply: The basic economic principle of supply and demand plays a significant role in determining the price of FTT Coin. If there is high demand for FTT Coin and limited supply, the price will increase, and vice versa.
Adoption and usage: The adoption and usage of FTT Coin as a means of payment on the FTX exchange can also impact its price. The more people use FTT Coin for trading and other purposes, the higher the demand for it, which can drive its price.
Competition: The cryptocurrency market is highly competitive, and the emergence of new cryptocurrencies or exchanges can impact the price of FTT coins.
News and events: Any news or events related to the FTX exchange or the broader cryptocurrency market can also influence the price of FTT Coin. For instance, positive news, such as partnerships or new product launches, can increase FTT Coin’s demand and drive its price. In contrast, negative news, such as security breaches or regulatory crackdowns, can have the opposite effect.
Overall market sentiment: The overall market sentiment towards cryptocurrencies can also impact the price of FTT Coin. If the market is bullish, and investors are optimistic about the future of cryptocurrencies, the cost of FTT Coin may rise, and vice versa.
FTT COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 84.55 in September 2021, FTT dropped 99% by the end of 2022, down to $ 0.82. Although it went up to $ 2.95 with the purchases in the market in April 2023, it is currently trading at $ 1.21. According to www.coinmarketcap.com data, FTT, which has a size of $357,717,415, has had a volume of $6,677,637 in the last twenty-four hours.
FTT Chart Analysis
FTT, which lost 99% value from September 2021 to the end of 2022, fell from $82.55 to $0.82, disappointing its investors. FTT, which came to the $2.75 resistance twice since the beginning of 2023, could not stop at these levels and seems to have fallen again. When we examine the weekly chart, it is seen that the FTT coin is at the closest support point, and if the decline continues, it can decrease to $ 0.82. In the buy-side movement in the market, the nearest resistance area is $1.53.
This article does not certain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
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