FTX Token price trades at $1.198 with a bearish bias, with sellers determined to pull it lower. The price of FTT, the FTX exchange platform’s native token, has been bleeding for the past two weeks following the demise of the Sam Bankman-Fried-led crypto company. SBF and FTX’s top leadership have been accused of mismanaging customer funds on the exchange in a situation that the newly appointed CEO John J. Ray describes as “a complete loss of corporate governance,” according to a bankruptcy filing published on Thursday.
Exchanges Delist FTT
As the FTX fiasco continues to impact the crypto market, several cryptocurrency trading platforms have removed support for FTT. Binance, BitMEX, and KuCoin are among some of the top digital asset exchanges that delisted FTX token trading pairings.
In a November 14 tweet, the world’s largest crypto exchange Binance announced that it had removed support for the FTT/BTC, FTT/BNB, FTT/ETH, and FTT/USDT trading pairs from its platform. According to the post, FTT had not met the required standards to protect users.
However, the FTT/BUSD trading pair is still listed on the exchange.
The decision by Binance to delist the coin was a response to requests from the community that the Changpeng Zhao-led exchange remove support for the token. Crypto influencers such as Cevo urged Binance CEO Zhao last week to take stern action against FTT and all FTX-related assets to protect customers.
Similarly, BitMEX delisted the FTT perpetual swap contracts. This applies to the FTT/USD and FTT/USDT pairings. The Seychelles-based crypto exchange attributed the delisting to a drop in spot trading of the pairs. In addition to BitMEX and Binance, KuCoin, like BitMEX, has delisted its FTT/USDT perpetual contract on KuCoin Futures.
The move by exchanges to delist FTT has added to the pessimism in the FTX token market, adding to the price’s headwinds.
In a Twitter post, cryptocurrency and blockchain industry veteran Kyle Chassé reacted to the news of FTT being delisted by top crypto exchanges, saying, “So much can change within such a short space of time. This has truly taken one of the nastiest turns I’ve ever seen!”
FTX Price Analysis
FTT, the native token of the now-bankrupt FTX crypto exchange, has lost over 95% of its value from $26.62 at the beginning of November to trade just above $1.19 at press time. The token breached the support at $1.25 on Monday, which was the last line of defense.
The moving averages are facing down, and FTT trades in a second bearish session this week, indicating that the price is set to move lower. The Relative Strength Index (RSI) has been stuck in the oversold region since November 7, affirming the bears’ grip on the price. The price strength at 17.5 suggests that the sellers completely control FTT.
As such, increased overhead pressure could see FTT drop to $0, losing all its value, just as was witnessed by LUNA in May.
FTT believers should hold on to the $1.0 psychological level to avoid further losses. This would provide the necessary support and offer an entry position for those still wanting to invest in the token, despite the current market situation.
If this happens, FTT may rise, first toward the $1.25 resistance level, then $2.15 before rising to tag the $4.0 psychological level. Is such a recovery possible for FTT? Well, it’s a long shot, but it could happen. Anything is possible in crypto.