While the cryptocurrency market has suffered a $53 billion drop, FTX Token (FTT) has defied the trend, recording a 7% increase. This altcoin shows signs of a continuing bullish trend, as indicated by on-chain data.
FTT Leads Among Altcoins
One of the key indicators of rising demand for FTT is the increase in spot inflows. Although still modest at $205,000, this shift represents a reversal of previous outflows, signaling growing investor confidence in FTT.
An increase in spot inflows suggests a higher volume of purchases on the spot market, confirming stabilizing demand for the asset. Buyers are willing to pay the current market price, reflecting positive sentiment.
Another bullish signal is the rise in open interest for FTT. At the time of writing, open interest has reached $2.03 million, reflecting a 10% increase in the past 24 hours.
Open interest measures the total number of unsettled derivative contracts, such as futures and options. When this metric increases alongside a rising price, it indicates strong market engagement and the potential for a sustained bullish trend.
Will FTT Continue Its Upward Momentum?
Analyzing the FTT/USD chart, it is evident that the token is attempting to hold above its 20-day Exponential Moving Average (EMA). This level serves as an indicator of short-term market trends.
The 20-day EMA tracks the average price of an asset over the past 20 days, with greater emphasis on recent movements. If FTT maintains its position above this level, it could signal continued growth.
If bullish momentum persists and FTT surpasses this level, its price could climb to $2.27. A breakout above this resistance could further push the value toward $2.57.
However, if profit-taking occurs, the token may weaken and fall back to around $1.94.
Given the current bullish momentum, FTT remains one of the strongest assets in the crypto market, with investors closely watching its next moves.
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