Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice FTT found rebounding grounds but it could continue seeing reversals. The token’s Open Interest declined alongside an increase in price. Following the drama around FTX’s liquidity crunch, its token continued to take the brunt of the entailing […]
to not pursue the acquisition of FTX due to the results of corporate due diligence has only added fuel to the FTT’s bearish fire.FTT got ‘Rekt’ while registering a nearly $5 million liquidation over the past day. The buyers strived to defend the $1.53 baseline support after a bloodbath that entailed over 92% losses from 8-10 November.FTX touched its all-time low regionFTT’s bearish volatile break below the $22.3-level induced a free fall amidst the uncertainties in investor perception.
However, due to the relatively high correlation with Bitcoin alongside the broader sentiment, the altcoin could easily see trend invalidations in the coming days. The Relative Strength Index still swayed in its oversold region as the sentiment deteriorated. The buyers should still wait for a potential reversal above the 41-level before hoping for an easing in the selling pressure.According to data from Coinglass, the total FTT futures Open Interest across all exchanges marked a 13.5% decline in the last 24 hours. On the contrary, the price action registered an over 20% growth during the same time.
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