The FTX Token spectacular rally gained momentum on Thursday as investors cheered the new partnership between FTC and Stephen Curry, the NBA superstar. The FTT token jumped to an all-time high pf $82, which was about 25% above the previous all-time high.
Stephen Curry and FTX partnership
FTX is one of the biggest cryptocurrency exchanges in the world. According to CoinMarketCap, the company processed cryptocurrencies worth more than $4.1 billion in the past 24 hours. This made it the fourth company after Binance, Huobi, and Coinbase.
FTX operates two main businesses. Its flagship products provide leveraged cryptocurrency derivatives that are not allowed in the US and several other countries. For the US market, the firm runs FTX US business that had a volume of more than $633 billion in the past 24 hours.
FTX has been in the headlines in the past few months. First, the company raised more than $900 million from investors at a $18 billion valuation. Second, shortly after that, the firm entered a deal that made it have the naming rights to the FTX Arena, home of Miami Heats.
Third, recently, the company announced that it had acquired LedgerX, the first U.S approved crypto derivatives company. The terms of the deal were not revealed. This was its second-biggest acquisition after it bought Blockfolio in a $150 million deal.
And this week, the company announced a new partnership with Stephen Curry, the Golden State Warriors guard. Curry will become an ambassador for the platform as it seeks to grow its market share in the industry. In a statement, FTX’s CEO said:
“His tireless commitment to charity alongside a ferocious work ethic to become the greatest in any arena he steps foot in, whether it is basketball, investing or business, perfectly align with FTX’s core values.”
Therefore, the FTX Token price is rising as investors hope that the partnership will lead to more publicity and growth. The price is also rising as signs emerge that cryptocurrencies are bouncing back. Bitcoin is comfortably above $46,000 while other currencies like Solana, Terra, and Filecoin have jumped by more than 10% in the past 24 hours.
FTX Token price prediction
The daily chart shows that the FTT price has made a spectacular recovery in the past few weeks. It has managed to rally by more than 253% from its lowest level in June.
And this week, it managed to move above the previous all-time high of $62.54. It also rallied above the 25-day and 50-day moving averages.
Therefore, the FTX token price will likely maintain the bullish momentum after doing a break and retest approach. This is where it first retests the support at the $62.54 level and then resumes the bullish trend.
