- FTX Token (FTT) surged over 4% ahead of creditor repayments scheduled to begin February 18, 2025, while Terra Classic (LUNC) recovered from recent lows.
- Both tokens experienced significant declines over 60 days, with LUNC dropping 42% and FTT falling 26% due to market pressures from Deepseek's launch and Trump's tariff policies.
- FTT is consolidating in a descending triangle pattern near crucial support at $1.90-$2.10, with potential to retest resistance and reach $3.50-$4.00 range if momentum increases.
- LUNC is holding above major support at $0.000046 and trading around $0.000075, with MACD showing early signs of bullish crossover and potential to reach $0.00013 range.
Date: Wed, February 12, 2025 | 05:22 AM GMT
In the cryptocurrency market, two controversial tokens, FTX Token (FTT) and Terra Classic (LUNC), are showing signs of recovery today after weeks of heavy corrections. The recent downturn was largely influenced by Deepseek’s launch and new tariff policies introduced by Donald Trump, which created a bearish sentiment across the market.
Amid this uncertainty, FTT is gaining momentum with a surge of over 4%, likely driven by the upcoming creditor repayments scheduled to begin on February 18, 2025. Meanwhile, Terra Classic (LUNC) is also back in the green, following its respective 60-day decline of 42%, while FTT dropped by 26%.
FTX Token (FTT)
The weekly chart for FTX Token (FTT) indicates that the price has been consolidating within a descending triangle. The recent downtrend began on December 2, after a rejection at the $4.40 upper resistance trendline, leading to a sharp decline.
This downward movement pushed FTT to a crucial support zone at $1.90-$2.10, aligning with the lower boundary of the triangle. However, the price has held steady at this level and is now trading around $2.07. Historically, this level has served as a strong support, and if the pattern holds, a bounce could be on the horizon.
Additionally, the 50-day SMA is acting as support. If buying momentum increases, FTT could attempt a retest of its upper resistance trendline. A successful breakout above this trendline could propel the price toward the $3.50-$4.00 range in the coming weeks.
Terra Classic (LUNC)
Similar to FTT, Terra Classic (LUNC) has also been consolidating within a descending triangle pattern. The recent downtrend, which started on December 2, was triggered by a rejection at the $0.00018 upper resistance trendline level.
This correction took LUNC down to a major support zone at $0.000046, but the price has managed to hold and is now trading around $0.000075. This level has historically been a strong rebound zone, and if the trend holds, LUNC could soon challenge the 50-day SMA as a key resistance.
A breakout above this moving average would open the doors for a retest of the descending trendline, possibly pushing LUNC toward the $0.00013 range in the coming weeks. The MACD is showing early signs of a potential crossover, indicating that bullish momentum could be building up.
Is a Trend Reversal on the Horizon?
Both FTT and LUNC are showing resilience at their respective support levels, hinting at a possible trend reversal. However, their next moves depend heavily on the broader market, especially Ethereum (ETH) and Bitcoin (BTC) dominance.
If ETH continues its recovery and BTC dominance declines further, tokens like FTT and LUNC could gain additional momentum. However, both assets remain highly volatile, making it crucial for traders to monitor key resistance levels and trading volume closely.
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