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Thursday, October 6, 2022
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    HomeMarketFTX token price outlook after BlockFi acquisition deal

    FTX token price outlook after BlockFi acquisition deal

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    • FTT holds regular at a $24 assist degree.

    • FTX change to amass BlockFi for $240 million.

    • The Crypto sector faces bearish strain amid macro-economic components.

    Because the cryptocurrency sector faces bearish strain, FTT and different tokens native to crypto exchanges have remained resilient. FTT has solely misplaced 9.6% previously month since buying and selling at $27, as per information from CoinMarketCap

    Comparatively, bitcoin has plunged 36% within the bearish market, which is attributed to macroeconomic components. The hike of rates of interest by the US Federal Reserve and the political turmoil in Europe has shifted consideration to the much less dangerous property.

    FTT token is at present buying and selling at $24.4 after a 0.65% achieve previously day however stays down 8.98% within the final week. Total, the token is buying and selling at 69% under its all-time excessive of $76.4.

    FTX will get possibility to amass BlockFi for $240 million

    FTX has signed a cope with the choice to acquire the embattled crypto lender BlockFi for $240 million in a transfer to profit from the bearish crypto area. The deal additionally contains extending the lender a $400 million revolving credit score facility. Though the announcement is but to influence the worth of the FTT token, traders expect to profit from the long-term positive factors from the enlargement.

    FTX has additionally been eager on its geographical enlargement. The change was licensed within the first quarter to function a digital asset change and clearing home providers within the UAE. Apart, The agency’s European subsidiary was awarded a license to supply providers to institutional traders.

    FTT holds regular at $24 assist

    Supply: Tradingview 

    From the day by day technical outlook above, FTT is consolidating on the $24 assist degree after dropping under $35. The token has been on a gradual decline since reaching a excessive of $51 in direction of the tip of March. The RSI is at 42, affirming that the token has not entered the oversold zone, and additional downward momentum could possibly be seen. With the token at a key assist degree, a drop under it can open additional weak point, and the FTT can commerce decrease.

    Abstract

    As macro-economic components proceed to carry down the assorted crypto property, FTT will stay largely bearish earlier than a pattern reversal. If the token goes under the present assist degree of $24, it may open additional downward strain. A purchase entry is barely really helpful if the worth clears above the present degree with the affirmation of a bullish worth sign.



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