FTX Token (FTT) Surges Amid Speculation Over SBF Pardon: What’s Ahead?

Date: Mon, Dec 23, 2024, 08:35 AM GMT In the cryptocurrency market today, FTX Token (FTT) has captured attention with an impressive surge of over 15% in the last 24 hours, driven by speculation trending on the X platform.

Source: Coinmarketcap SBF Pardon Speculation The recent spike in FTT’s price comes on the heels of a speculative post by @WallStreetMav on the X platform. The post suggested that President Joe Biden might pardon Sam Bankman-Fried (SBF), the controversial founder of FTX, who has been embroiled in legal battles and accusations of fraud following the platform’s dramatic collapse.

Source: X Adding fuel to the speculation, Elon Musk replied, stating that he “would be shocked if this did not happen,” referring to the possibility of SBF receiving a pardon. This comment has created a stir in the price of FTT price. What’s Ahead? Amid this speculation, FTT has broken out of the upper resistance trendline of its falling wedge pattern triangle at $3.00. This breakout pushed its price to a key resistance level of $3.57, where it faced rejection. Currently, FTT is trading at $3.25, consolidating after the breakout.

FTX Token (FTT) 2H Chart/ Coinsprobe The chart reflects FTT’s strong historical performance in similar situations. In mid-November, the token displayed a comparable falling wedge pattern and broke out with substantial momentum, rallying by an impressive 70% from $1.71 to $2.97 within two weeks. Based on the current breakout setup, $FTT could repeat its past trajectory. If it manages to clear the $3.57 resistance, the price is likely to surge towards the next major resistance at $4.31, representing a potential 40% rally from the breakout level. Conclusion While the speculation around SBF’s potential pardon is purely hypothetical, it has undoubtedly sparked renewed interest in FTT. Traders should watch the $3.57 resistance level closely as a break above this could fuel the next leg of the rally. Get more updates on: coinsprobe.com Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.