futurewithcrypto.com
The price of FTX (FTT) is up 17% in the past 24 hours as its parent exchange continues its Chapter 11 bankruptcy process.
Image credit- google images
Despite this bounce, FTT remains down 92% in a week and is down 98% since its all-time high of $84.18 in September 2021.
Image credit- google images
While Chapter 11 bankruptcy creates the possibility for a firm to continue operating after formally reorganizing
Image credit- google images
The strongest result is the permanent closure of FTX because as many of its creditors have been compensated as possible. This means that FTT will sooner or later reach zero.
Image credit- google images
However, while traders have now lost what once seemed like a 'safe' altcoin, there are other, more viable trade-related coins available.
Image credit- google images
This includes Dash2Trade (D2T), an Ethereum-based trading intelligence platform, which is currently holding its presale.
Image credit- google images
FTT's chart shows that even with today's rally, it remains a coin in terminal decline.
Image credit- google images
Its relative strength index (purple) hovers around 15, which often means a currency has been overvalued, but in this case, it means the coin would perish after being overinflated.
Image credit- google images
Similarly, FTT's 30-day moving average (red) has effectively fallen off a cliff relative to its 200-day average (blue), and currently shows no signs of stopping.
Image credit- google images
Given the situation surrounding FTX, there is no solid reason to believe that FTT will stop falling anytime soon.
Image credit- google images