After the approval of the Spot Bitcoin Exchange Traded Fund (ETF), the cryptocurrency community didn’t experience any major rally in top cryptocurrencies like Bitcoin, Solana, Ripple, and others. Despite this market struggle, currently, FTX’s (FTT), Bitcoin Cash (BCH), and Sui (SUI) have significantly surged in the last 24 hours.
Reasons behind the surge and customer concerns
However, the reason behind this current price surge is not yet known. But recently, only on January 11, 2024, several FTX customers are urging the United States judge to halt the use of 2022 prices for their cryptocurrency deposits, claiming it denies them the opportunity to benefit from the recent rise in crypto prices.
Additionally, another customer named Anthony Maurin sent a letter to U.S. Bankruptcy Judge John Dorsey expressing frustration, labeling FTX’s bankruptcy plan as a “second act of theft” that prevents access to accounts and feels like being “aggrieved and robbed.” The customers argue that using outdated prices hampers their ability to capitalize on the rebound in cryptocurrency values.
Currently, FTT is trading near $3.2, and in the last 24 hours, it experienced more than a 22% upside momentum, whereas Bitcoin Cash (BCH) and SUI also experienced a price surge of over 10% in the last 24 hours. If we look at FTT over a longer period, in the last 30 days, despite its current 22% bullish move, it is down by over 35%. Whereas Bitcoin Cash and SUI, in the last 30 days, experienced over 20% and 65% of upside momentum, respectively.
FTT technical analysis and price momentum
According to expert technical analysis, from December 10, 2023, to January 11, 2024, FTT experienced a downside momentum similar to a lower low and lower high, forming a downward-moving trendline.
However, on January 12, 2024, the FTT price broke out of the trendline and also surpassed a minor obstacle at $3. Currently, it is facing another hurdle at its 200 EMA (Exponential Moving Average) in a 4-hour time frame. If FTT surpasses this hurdle, we may witness a $4 level. Additionally, on a smaller time frame, FTT is bullish, but on a longer time frame, it remains bearish.
The last time FTT surged was on November 9, 2023, as the Securities and Exchange Commission (SEC) made a statement about FTX’s revival under new leadership. After this, the FTT token surged more than 85%, as reported by Todayq News.
