FTX Token (FTT) has seen a 14% price increase in the past 24 hours, making it the top gainer in the market. However, this surge is primarily driven by speculative trading rather than a specific increase in demand for FTT.

The altcoin’s technical setup reveals that it may shed some of these gains in the near term. Here is why.

FTX Token Climbs But Not Due To Demand

While its price has climbed by double digits over the past 24 hours, FTT’s negative Chaikin Money Flow (CMF) hints at a potential pullback. At press time, this indicator, which measures an asset’s money flow into and out of the market, is at -0.26, forming a bearish divergence with its price.

This divergence between FTT’s rising price and negative CMF signals that the uptrend is unsustainable, suggesting that the rally is driven by speculative trading, not strong market demand. This scenario often precedes an impending reversal. If the selling pressure intensifies, the price could correct downward once the upward momentum wanes.

Read more: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

Furthermore, the setup of FTT’s Parabolic Stop and Reverse (SAR) indicator confirms this bearish outlook. At press time, the dots of this indicator rest above FTT’s price, reflecting the overall bearish sentiment that trails the altcoin.

The Parabolic (SAR) indicator measures an asset’s trends and identifies its potential price reversal points. When its dots are located above the price, it indicates a bearish trend. This suggests that the market is experiencing downward momentum, and traders often consider this a signal to sell or take short positions.

FTT Price Prediction: A Correction Is More Than Likely

As speculative trading subsides, FTX Token’s price will likely correct, potentially shedding some of its recent gains. Its Fibonacci Retracement analysis suggests that the altcoin could drop to the support level of $1.25. If this support fails to hold, we may see a further decline toward the $1 mark.

Read more: Who Is John J. Ray III, FTX’s New CEO?

However, this bearish outlook could be overturned if FTT experiences a surge in new demand. In such a scenario, the asset could sustain its upward trajectory, breaking through resistance at $2.93 and possibly climbing to as high as $3.53.

The Fantom (FTM) price has recently shown promising growth, but questions remain about how long this uptrend can last. Despite the initial surge, key indicators are starting to hint at a potential weakening of momentum. ADX values have declined, suggesting that the strong bullish trend may be losing steam.

Additionally, while the recent drop in exchange supply provided a boost, subsequent stability in this metric raises doubts about continued upward pressure. The coming days will be crucial in determining whether FTM can sustain its gains or face a reversal towards lower support levels.

Fantom Price Current Trend May Not Last

FTM’s ADX is currently at 28.85, down from 32 just a day ago. This comes after a rapid surge where the ADX rose from 15 to 32 in just two days, reflecting a strong and swift increase in trend strength.

However, the recent decline indicates that the momentum may be losing some of its force, and traders are paying close attention to see if this trend continues downward.

Read more: Fantom (FTM) Price Prediction 2024/2025/2030

The ADX, or Average Directional Index, measures the strength of a trend, regardless of whether it is bullish or bearish. It ranges from 0 to 100, with values above 20 indicating a trending market and anything above 30 signifying a strong trend. FTM’s price surged by 14% in the past seven days, driven by this strong uptrend.

However, the fact that the ADX has decreased from above the 30 threshold suggests that the current upward momentum might be weakening. If the ADX continues to fall, it could imply that the trend is losing strength, potentially signaling an end to the recent bullish rally.

FTM Supply On Exchanges Dropped Heavily Before the Recent Surge

Between October 13 and October 14, FTM’s supply on exchanges dropped from 712 million to 688 million. This coincided with a price increase, with FTM rising from $0.66 on October 13 to $0.78 by October 15.

The reduction in exchange supply suggests that fewer tokens were readily available for selling, aligning with the subsequent price surge.

Typically, when users transfer coins to exchanges, it is considered a bearish signal, as they may be preparing to sell. Conversely, when coins are withdrawn from exchanges, it often signals bullish sentiment, indicating that holders are not planning to sell soon and might be expecting a price increase.

After the initial drop in FTM’s exchange supply, the amount has since stabilized, but it remains crucial to keep monitoring this metric. Changes in supply on exchanges can provide valuable insight into potential shifts in market sentiment.

Fantom Price Prediction: Can It Rise Back To $0.96 In October?

FTM’s EMA (Exponential Moving Averages) lines are currently bullish, with a healthy gap between the short-term and long-term lines. This indicates strong upward momentum, as the price has maintained a clear lead in the recent trend.

When short-term EMAs are positioned well above the long-term ones, it signifies that recent price action is more favorable compared to the longer average, reflecting bullish sentiment in the market.

EMA lines are used to smooth out price data by giving more weight to recent prices. This helps traders identify the direction of a trend and spot changes in momentum earlier.

Read more: 9 Best Fantom (FTM) Wallets in 2024

However, after the recent price surge, FTM’s short-term EMAs have started to curve downwards. If they cross below the long-term EMAs, it will form a “death cross,” a bearish signal that suggests a potential reversal in trend and further downside.

If such a scenario happens, FTM’s price could test support levels at $0.65 and $0.59. On the other hand, if the uptrend regains strength, FTM could continue its rise, challenging resistance at $0.76 — a level it recently failed to surpass. Breaking past that could push FTM back towards $0.85 or even $0.96, its highest price since May.

Crypto analysts Amonyx and Egrag Crypto have provided a bullish outlook for the XRP price with “something big” on the horizon. Based on their analysis, the long-awaited price breakout for XRP could soon happen. 

Something Big Is Coming For XRP Price

Crypto analyst Amonyx stated in an X post that something big is coming for the XRP price. His accompanying chart showed that the crypto could enjoy a massive rally to $75. The analyst made this prediction based on XRP replicating a similar run that it enjoyed in the 2017 bull run when its price surged by over 61,000%. 

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The chart showed that XRP consolidated for a year before it broke out and enjoyed that unprecedented rally. In line with this, the analyst highlighted how XRP has been consolidating since then, suggesting another price breakout is imminent. 

Amonyx has recently been more bullish on the XRP price. Before now, he predicted that the crypto would reach between $50 and $57 at the peak of this bull run. However, his recent prediction offers a more bullish outlook for XRP. Interestingly, he also recently predicted that the crypto could enjoy a “giga pump” to $400. 

These bullish XRP predictions are believed to be partly because of the recent applications by Bitwise and Canary Capital to offer an XRP ETF. These funds could contribute to a significant rally for XRP since they will attract more institutional investors into the coin’s ecosystem. Therefore, these XRP ETFs will positively impact the XRP price just like the Spot Bitcoin ETFs did for the Bitcoin price. 

Meanwhile, in the short term, Amonyx also expects that the XRP price could enjoy a significant rally. In a recent X post, he shared an XRP/Bitcoin chart and told XRP holders that a God candle was coming soon. 

XRP’s Breakout Target To Keep An Eye On

Crypto analyst Egrag Crypto highlighted $0.61 and $0.62 as the breakout targets to keep an eye on. He noted that the breakout point is getting lower and added that the XRP has a maximum of 70 days left before it reaches the final pinnacle of the breakout point. 

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Egrag Crypto further remarked that he is convinced that the price breakout could happen sooner than expected, within the next 15 to 30 days. According to him, the pressure is building and won’t stay contained for much longer. Indeed, XRP’s consolidation dates way back to the 2021 bull run when it failed to reach a new all-time high (ATH).

The $0.60 price level has also proven to be strong resistance for the coin, as it has retested and failed to break above it multiple times since Judge Analisa Torres delivered her final judgment in the Ripple SEC lawsuit in August. 

At the time of writing, the XRP price is trading at around $0.55, up over 3% in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com