FTT token makes a surprising jump, driving a new breakout rally. As holders anticipate a parabolic rise for FTT to rise back from its ashes, the token with no use finds a new relief fund from Pudgy Penguins. However, the risks of liquidation amid FTX’s bankruptcy loom large.
As the crypto market turns green, with BTC price BTC $86 848 24h volatility: 0.2% Market cap: $1.73 T Vol. 24h: $49.61 B creating an all-time high at $103,647, the demand for an infamous token FTT is back. Sharing the stage with Worldcoin WLD $0.50 24h volatility: 4.9% Market cap: $1.23 B Vol. 24h: $126.02 M and JasmyCoin JASMY $0.00591 24h volatility: 2.1% Market cap: $292.35 M Vol. 24h: $21.73 M , FTT ranks among the top performers over the last 24 hours.
Despite the market’s clear warning that the FTT token is useless, it has jumped 36% in the last 24 hours. At press time, the FTX token has a market cap of $1.23B, and trading volumes have recently surged 668% to $325M.
Amid the ongoing FTX bankruptcy and payouts, the FTT tokens are likely to be liquidated by the estate to pay creditors. Thus bringing the risk of a bull trap for new crypto investors.
FTT Price Rally Marks Wedge Breakout
In the new bullish spree, FTT price has marked four consecutive green days. Further, the recovery records a massive spike of 65% from the 7-day low of $2.2394.
Source: Tradingview
The FTT price trend in the daily chart formed a rising wedge pattern with two ascending and converging trendlines. Taking off from the support trendline, the bullish cycle with a boost in momentum has marked a breakout.
Surpassing the resistance trendline, FTT price shows an intraday gain of 7.37% with a 24-hour high at $4.40. This marked a new swing high for the bankrupt exchange token in 2024.
Amid the growing demand, the 50-day and 200-day EMA lines have a golden crossover. Further, the MACD and signal lines have peaked as bullish histograms reach the sky.
Based on the volume profile, FTT price is within a high volume range, extending from $3.55 to $3.76. A bullish closure above $3.76 could result in a smooth ride to the next high volume range starting from $4.72.
Pudgy Penguins to the Rescue
In a recent announcement, the Pudgy Penguins team revealed the launch of its official token PENGU. With plans to be listed on Solana, the total supply is revealed at 88,888,888.
The distribution of the tokens will be 25.9% for Pudgy Penguins community accounts, 24.12% for other communities, the team and company will hold onto 29.28% of supply, and 12.35% for liquidity support.
The remaining 8.35% of the supply will be used for marketing, public projects, and rewards for FTT holders. This surprising move is one of the few factors driving the trading volumes for the FTT token.
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