The FTX token’s spectacular rally gained momentum on Thursday. Investors cheered the new partnership between FTC and NBA superstar Stephen Curry. The FTT token jumped to an all-time high of $82, which is about 25% above its previous all-time high. What is the further FTX token price forecast?
Stephen Curry and the FTX Partnership.
FTX is one of the largest crypto exchanges in the world. According to CoinMarketCap, it traded more than $4.1 billion worth of cryptocurrencies in the last 24 hours. This made it the fourth crypto company after Binance, Huobi and Coinbase.
FTX operates two main businesses. These include cryptocurrency derivatives, which are not allowed in the US and some other countries. In the US market, FTX had more than $633 million in volume in the last 24 hours.
FTX has been in the headlines in recent months. First, the company raised more than $900 million from investors at an $18 billion valuation. Second, the company closed a deal shortly thereafter that gave it the naming rights to FTX Arena, home of the Miami Heats.
Third, the company recently announced that it was acquiring LedgerX, the first U.S.-licensed crypto derivatives company. Terms of the deal were not disclosed. This was the company’s second-largest acquisition after it bought Blockfolio for $150 million.
This week, FTX announced a new partnership with Stephen Curry, the Golden State Warriors player. Curry will serve as an ambassador for the platform, which is looking to expand its market share in the industry. In a statement, FTX’s CEO said:
His tireless commitment to charity and immeasurable work ethic in any field, whether it’s basketball, investing or business, align perfectly with FTX’s core values.
As a result, the FTX token price is rising as investors hope that the partnership will lead to more publicity and growth. The price is also rising as there are signs that cryptocurrencies are recovering. Bitcoin is above $46,000, while other currencies such as Solana, Terra, and Filecoin have been on the rise in recent 24 hours have increased by more than 10%.
FTX Token Price Forecast
The daily chart shows that the FTT price has seen a spectacular recovery in recent weeks. It managed to recover more than 253% from its low in June.
And this week it managed to move above the previous all-time high of $62.54. It also rose above its 25-day and 50-day moving averages.
Therefore, it is likely that the FTX token price will maintain its uptrend after taking a break-and-retest approach. This is the case if it first retests support at $62.54 and then resumes its uptrend.