Biggest Movers: FTT Down 30% on Tuesday, Falling to 21-Month Low
FTX token continued a recent sell-off on Tuesday, as prices slipped to their lowest level since February 2021. The decline comes as traders liquidated their positions, following recent tweets from Binance CEO Changpeng Zhao. CZ initially stated that the exchange would liquidate all its FTT, however he has now confirmed that Binance will be fully taking over its competitor, FTX. FTX Token (FTT)
FTX token (FTT) fell to its lowest level in 21-months on Tuesday, as traders continued to liquidate their positions.
The decline began after tweets from Binance CEO Changpeng Zhao over the weekend, who stated that the exchange would be moving away from FTT.
CZ tweeted, “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.” FTT/USD – Daily Chart
Since this tweet, FTT/USD has fallen for three straight sessions, with today’s decline taking the token to a low of $15.56.
This is the lowest level that prices have hit since February 2021, and comes following a breakout of a key support point of $22.25.
Prices now seem to be oversold, with the relative strength index (RSI) now tracking at 23.79, which is its weakest point on record.
FTT has since rebounded, as CZ shocked markets by confirming, “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.”
As of writing, the token is now trading at $19.37. Dogecoin (DOGE)
In addition to FTT, dogecoin (DOGE ) was another notable mover, with the meme coin falling by over 14% today.
Following a high of $0.118 to start the week, DOGE/USD slipped to an intraday low of $0.1007 earlier in the day.
Dogecoin has been in free-fall since climbing to a six-month high of $0.1589 last Tuesday. DOGE/USD – Daily Chart
As of writing, the meme coin has now declined for a fourth straight day, with today’s move pushing the RSI to a reading of 53.61.
This is the lowest reading for the index in two weeks, and comes as the 10-day (red) moving average (MA) has finally tilted downwards.
Should the momentum of this MA continue to maintain its course, DOGE will likely fall below $0.1000 in upcoming days.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Binance, Doge, dogecoin, FTT, FTX Token, Meme Coin, memecoin
Could we see dogecoin move below $0.1000 this week? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms MARKET UPDATES | 10 hours ago Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10% MARKET UPDATES | 4 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, Nikita Burdenkov / Shutterstock.com Previous articleMarginX, World’s First Community-Based Decentralized Exchange, Launches on Function X Blockchain Next articleCZ Says Binance Intends to ‘Fully Acquire FTX,’ Sam Bankman-Fried Confirms Transaction Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals
A bitcoin ATM operator has been indicted in New York for running an illegal business "marketed towards individuals engaged in criminal activity." The district attorney in charge described: "Robert Taylor allegedly went to great lengths to keep his bitcoin kiosk ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining