As the FUD surrounding FTX’s solvency deepens, its native token FTT continues to suffer more distribution. FTT was trading at $15.65 at the time of press. Furthermore, the price of the #30 largest cryptocurrency by market capitalization declined by over 25% in the last 24 hours, data from CoinMarketCap revealed. Here’s AMBCrypto’s price prediction for FTX […]
On a daily chart, selling pressure rallied significantly. As of this writing, FTT was severely overbought as key indicators were positioned in downtrends and far from their respective neutral spots. FTT’s Relative Strength Index was spotted at 23.90. Its Money Flow Index was spotted at a low of 8.
These indexes showed that the volume of FTT’s accumulation had decreased significantly since the discussions around FTX’s solvency began. Also indicating a surge in selling pressure, the dynamic line of FTT’s Chaikin Money Flow was positioned below the central line at -0.46. With continued FTT distribution, the CMF would keep chasing new lows, further making any price recovery harder.,186,383 traders have been liquidated in the general cryptocurrency market. This led to the removal of $367.09 million from the cryptocurrency market in the last 24 hours.
The amount of FTT liquidations within the same period totaled $8.14 million. This represented 2.22% of the total liquidations in the market.
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