The native Token of the bankrupt cryptocurrency exchange FTX, FTT, led the market rally today, surging by double digits over the past 24 hours.
This rally occurred as the market awaits FTX's court-approved Chapter 11 reorganization plan, which is set to begin on January 3.
FTX to Start Reorganization Plan in January...FTT Rises
In a recent press release, the now-defunct exchange FTX confirmed that January 3 will be the effective date for its court-approved Chapter 11 reorganization plan. According to the press release, the first distributions will be made within 60 days of this effective date.
With less than 10 days until this date, trading activity in FTT has started to surge. At the time of writing, this altcoin is trading at $3.21, up 14% over the past 24 hours. This double-digit rally recorded the highest gains in the market during this period.
Additionally, the price increase of FTT has improved the profitability of its trades. According to BeInCrypto's on-chain performance evaluation, the ratio of profitable FTT trades exceeded the ratio of losing trades.
According to sentiment, this ratio is currently 7.22. This means that for every one FTT trade that ended in a loss today, 7.22 trades resulted in a profit.
Additionally, as January 3 approaches, FTT holders have opened more bets on continued price appreciation. The long/short ratio reflects this. At the time of writing, this ratio is 51.15%.
This ratio measures the proportion of long positions, which bet on price increases, and short positions, which bet on price declines. The fact that FTT's long ratio is 51.15% indicates that slightly more traders are betting on price appreciation, suggesting a slightly bullish sentiment.
FTT Price Prediction: Can it Reach the Annual High of $4.4?
The FTT Token price rally has broken through the resistance formed at $3.29. If buying pressure strengthens, the token's price will attempt to break through the next resistance at $3.78 and try to recover the annual high of $4.40.
However, if the attempt to break through the $3.78 price level fails, the FTT Token price may start a downtrend. In this case, the altcoin's price could drop to $2.95.
