FTX Token Analysis: Surge and Speculation in the Altcoin Market

FTX Token Surges Amid Speculation

On Sunday, the price of FTX Token (FTT) surged dramatically, registering a 113% rise during an intra-day high. This sudden spike followed false rumors regarding a potential $16 billion creditors repayment.

Investors shifted their focus, with many preparing to sell off their assets. However, FTT's price corrected by the end of the day, closing 57% above the opening value, leaving investors wondering about its future movements.

Boost in Active Deposits

The recent surge in FTX token prices is closely tied to its deep roots in the crypto market. Speculation about impending repayments fueled the rally, with investors turning optimistic, anticipating FTX would begin reimbursing its creditors starting October 1.

Nevertheless, Sunil, representing the largest FTX creditors group, dispelled this rumor in a tweet, noting that the hearing of the repayment plan is scheduled for October 7.

Regardless, the surge in FTX Token’s price has brought active deposits to a ten-month high. A potential inflow of $19 billion led many investors to transfer their holdings to exchanges, creating a spike in deposit volumes.

FTT Price Prediction

As excitement builds, the volatility of FTT's price leaves much to be considered. On Sunday, FTX Token observed a 113% rise before correcting. Currently trading at $2.12, FTT reflects investor interest in a fluctuating market.

Looking ahead, FTT may find support around the $2.00 mark. A bounce from this level could push the altcoin back above the $2.20 barrier, provided market sentiment remains positive.

Yet, with the planned hearing just a week away, swift profit-taking could lead to a downturn, particularly if FTT drops below $1.90, which may invalidate the current bullish outlook.