FTT Price Surges 60% Amid Rumors Of FTX Exchange Relaunch?

The market has experienced a short squeeze in value as the industry has witnessed a jump of over 3% within the past day. Bitcoin has surpassed $36,000 for the first time this year. On the other hand, bankrupt cryptocurrency exchange FTX’s FTT price has claimed the top gainer spot by adding approximately 60% within the past day.

The Securities And Exchange Commission (SEC) chair, gary gensler gary gensler Gary Gensler is an enthusiastic leader and the current chair of the U.S. Securities and Exchange Commission (SEC). He has the extreme experience that spans wall street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. He announced several initiatives to enhance investor protections in the $2 trillion cryptocurrency market. He previously led the Biden-Harris transition’s federal reserve, Banking, and securities regulation agency review team.    He was awarded Treasury's highest honor, the Alexander Hamilton Award, and also was a recipient of the 2014 Frankel Fiduciary Prize. He was born on October 18, 1957, into a Jewish family, in Baltimore, Maryland. Graduated from the University of Pennsylvania, earning a Master's degree in Business Administration. Additionally, he is also a professor at the MIT Sloan School of management. He has served in various governmental roles since the 1990s, such as the treasury department, Sarbanes-Oxley, CFTC, Swaps, Enforcement, Libor investigation, Maryland Financial Consumer Protection Commission, Securities, and Exchange Commission.    Gary Gensler will probably keep on filling in as seat of the SEC until 2026, accepting his renunciation. He has expressed his desires to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. A few officials as well as his kindred SEC magistrates have scrutinized Gensler for not giving adequate administrative direction on crypto, possibly prompting a standoff between Congress and the association.    The SEC, CFTC, and Financial Crimes Enforcement Network handle advanced resource guidelines in the U.S., however, each with various jurisdictional cases, bringing about an interwoven methodology that crypto firms should explore to work legitimately. Whether 2022 will see a more clear way for organizations in the crypto space is questionable, yet the cosmetics of the SEC's initiative will fundamentally change following the takeoff of chief Elad Roisman in the first month of the year. Chief Allison Lee's term is likewise set to terminate in June 2022. Chairman , recently made a statement on the future of Alamanda’s FTT, stating that the FTX exchange, with the right vision and under new leadership, could rebound in the market. Following this news, the price experienced a surge of over 60% in value within the past day.

The FTT price was seen trading in a narrow space between $0.9722 and $1.0590 for a brief period, following which the price experienced a pump, resulting in the price breaking out of the upper level.

The FTT token continued to gain value but was rejected at the resistance level of $1.3648, after which the price was once again seen trading sideways.

November started on a bearish note as Sam Bankman-Fried (SBF) was charged guilty, resulting in a price drop. The price broke down its support level, but the market regained momentum, and the price reclaimed its place but was rejected at $1.4608.

The MACD displayed a constant flatline for a brief period, following which the price gained massive momentum, indicating an ongoing massive price action for the coin. Further, the chart shows a rising green histogram, suggesting the price will continue gaining value in the coming days.

Will The FTT Price Regain Value?

If the Bulls push the price above the resistance level of $2.2990, the price will continue to gain momentum and make a run to test its upper resistance level of $2.400 soon.

Further, if the market maintains its price at that level, it will then set a stage to attempt the resistance level of $2.55 in the coming time.

Conversely, if the bears overpowered the bulls, the price would lose momentum and start trading under a bearish influence, resulting in the price falling and testing its support level at $1.7189 soon.

Moreover, if the market bears continue to dominate the market, it will plunge and retest its lower support level of $1.4608 this month.