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FTT is holding steady at the $24 support level.
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FTX Exchange will acquire BlockFi for $240 million.
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The crypto sector faces bearish pressure amid macro-economic factors.
As the cryptocurrency sector faces bearish pressure, FTT and other tokens native to crypto exchanges remain resilient. According to data from the U.S., FTT has declined only 9.6% over the past month since trading at $27. CoinMarketCap,
By comparison, bitcoin is down 36% in a bearish market, which is attributed to macroeconomic factors. Interest rate hikes by the US Federal Reserve and political turmoil in Europe have drawn attention to low-risk assets.
The FTT token is currently trading at $24.4 after rising 0.65% the previous day, but down 8.98% over the past week. Overall, the coin is trading 69% below its all-time high of $76.4.
FTX Gets Option to Acquire BlockFi for $240 Million
FTX has signed an agreement with Option To Acquire Troubled Crypto Lender BlockFi For $240 Million In a move to profit from the bearish crypto space. The deal also includes providing a $400 million revolving credit facility to the lender. While the announcement has yet to affect the value of the FTT token, investors expect to benefit from the long-term gains from the expansion.
FTX has also been keen on its geographic expansion. The exchange was granted a license in the first quarter to operate virtual asset exchange and clearing house services in the UAE. In addition, the firm’s European subsidiary was granted a license to provide services to institutional investors.
FTT holds steady at the $24 support level
Source: Tradingview
From the daily technical perspective above, FTT is consolidating at the $24 support level after falling below $35. The coin has been declining steadily since reaching a high of $51 at the end of March. The RSI is at 42, confirming that the coin has not entered the oversold area, and further downside is likely to be seen. With the coin holding a key support level, a downside break below it would open up further weakness, and FTT could trade lower.
summary
As macro-economic factors continue to restrain various crypto assets, FTT will remain largely bearish before a trend reversal. If the coin breaks below the current support level of $24, it could open up further downside pressure. A buy entry is recommended only if the price clears above the current level with confirmation of a bullish price signal.