On Tuesday, FTX token prices continued their recent slide and fell to the lowest point since February 2021. According to recent tweets of Binance CEO Changpeng Zhao the price decline is caused by traders liquidating their positions. CZ had initially said that the exchange would sell all FTT. However, he confirmed that Binance is now fully taking control of its rival, FTX.
FTX Token (FTT)
FTX token, FTT fell on Tuesday to its lowest in 21-months as traders continue to liquidate their positions.
Following tweets posted by Changpeng Zhao (Binance CEO) over the weekend which claimed that FTT was being abandoned, the market began to decline.
CZ tweeted, “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.”
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 price level represents the lowest since February 2021. It follows a break of a critical support point at $22.25.
Now prices seem oversold. The relative strength indicator (RSI) is now at 23.79. This marks its lowest point in recorded history.
FTT has since rebounded, as CZ shocked markets by confirming, “This afternoon, FTX asked for our help. The liquidity situation is critical. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.”
The token trades at $19.37 as of this writing
FTT (Dogecoin) was another noteworthy mover. The meme coin fell more than 14% this morning.
Doge/USD dropped to $0.1007 intraday earlier in the morning after a peak of $0.118 at the beginning of the week.
Dogecoin’s price has fallen to $0.1589 per share since it reached a six month high last Tuesday.
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 reading is the lowest for the index for two weeks and it comes after the 10-day moving average (MA), which was red, has tilted downwards.
DOGE is likely to fall below $0.1000 if the momentum of this MA does not stop.
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