FTX Token Could Be Going to Zero But Experts Believe This Trading Coin Could Take All The Attention
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The price of FTX (FTT) has risen by 17% in the past 24 hours as its parent exchange continues the process of chapter 11 bankruptcy. Despite this bounce, FTT remains down by 92% in a week and by 98% since its all-time high of $84.18, set back in September 2021.
While Chapter 11 bankruptcy formally creates the possibility of a firm continuing operations following a restructuring, the strongest outcome remains FTX being closed permanently once as many of its creditors have been compensated as possible. This implies that FTT will sooner or later hit zero.
However, while traders have now lost what once seemed like a 'safe' altcoin, other, more viable trading-related coins are available. This includes Dash 2 Trade (D2T), an Ethereum-based trading intelligence platform that's currently holding its presale.
FTT's chart shows that, even with today's bounce, it remains a coin in terminal decline. Its relative strength index (purple) hangs around 15, which would normally indicate that a coin is heavily oversold, yet in this special case, would indicate that a coin is dying after being grossly inflated.
Similarly, FTT's 30-day moving average (red) has effectively fallen off a cliff relative to its 200-day average (blue), and currently shows no sign of stopping.
Given the situation surrounding FTX, there's no strong reason to believe that FTT will stop declining anytime soon. FTX has declared bankruptcy after it failed to find an investor or other exchange to bail it out, and more unflattering details continue to come to light with each passing day.
Most impressively, a report from the New York
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