FTX’s native token FTT had been trading below $1.30 since September. However, on November 9, it surpassed the current resistance level of $1.65, which had been in place since November 2022.
FTT’s price was driven up by bulls to as high as $5.53 and after this movement, the token settled into a price range. While Binance Coin (BNB) was losing ground, FTT started to rise, and experts believe that FTX’s native token is showing an upward trend.
RSI (Relative Strength Index) bouncing off the 50 level indicates a weakening upward momentum but suggests that the overall control is with the buyers, which might prevent a shift to a downtrend. Additionally, the DMI (Directional Movement Index) was showing a strong upward trend on the daily chart. However, FTT was trading in a range between $2.81 and $4.84.
The significant daily percentage increases in FTT, which garnered social media interest, coincided with speculations about the relaunch of the FTX exchange by SEC Chairman Gary Gensler, which also happened for FTT. However, since that time, the social volume has decreased, indicating a decline in interest in the token.
At the time of writing, the token’s Market Value to Realized Value (MVRV) ratio was at its highest level since June and November 10. This situation could encourage investors to realize some profits and potentially increase selling pressure.