* Technical Analysis:
* Bearish Indicators: Some technical indicators such as (MACD) on the weekly timeframe indicate a downward trend. The price is still trading below key resistance levels.
* Other Technical Indicators: The Relative Strength Index (RSI) indicates that the token is not in the overbought or oversold territory, reflecting a state of relative balance in market momentum. Moving averages give mixed signals, with some indicating buy and others indicating sell.
* Overall Performance:
* Despite recent volatility, the annual performance of the token remains negative, with its price dropping significantly compared to the beginning of the year.
* The trading volume in the past 24 hours is around $8 to $17 million, with a market cap estimated at around $297 to $300 million, placing it relatively low among cryptocurrencies.
* Important Factors for Investors:
* It is important to remember that the FTT token was linked to the FTX platform, which went bankrupt, and this ongoing legal situation casts a shadow over the future of the token.
* There are ongoing warnings that the token may be liquidated by the estate administrators to pay creditors, making investment in it extremely risky.
Important Notice:
The cryptocurrency market is highly volatile and carries significant risks. Investors should be aware that the prices of digital assets can fluctuate greatly. This information is not financial advice. Always do your own research and consult a financial advisor before making any investment decisions.
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#builtonsolayer @Solayer labs
