- FTX Token (FTT) surged over 15% in 24 hours following speculation on X platform about a potential Joe Biden pardon for Sam Bankman-Fried, with Elon Musk adding credibility by stating he would be 'shocked if this did not happen.'
- FTT broke out of its falling wedge pattern above $3.00 resistance and reached $3.57 before facing rejection, currently trading at $3.25 in consolidation mode.
- The token showed similar technical patterns in mid-November, rallying 70% from $1.71 to $2.97 within two weeks after breaking out of a comparable falling wedge formation.
- If FTT clears the $3.57 resistance level, analysts project a potential 40% rally toward the next major resistance at $4.31, though the pardon speculation remains purely hypothetical.
Date: Mon, Dec 23, 2024, 08:35 AM GMT
In the cryptocurrency market today, FTX Token (FTT) has captured attention with an impressive surge of over 15% in the last 24 hours,, driven by speculation trending on the X platform.
SBF Pardon Speculation
The recent spike in FTT’s price comes on the heels of a speculative post by @WallStreetMav on the X platform. The post suggested that President Joe Biden might pardon Sam Bankman-Fried (SBF), the controversial founder of FTX, who has been embroiled in legal battles and accusations of fraud following the platform’s dramatic collapse.
Adding fuel to the speculation, Elon Musk replied, stating that he “would be shocked if this did not happen,”.
What’s Ahead?
Amid this speculation, FTT has broken out of the upper resistance trendline of its falling wedge pattern triangle at $3.00. This breakout pushed its price to a key resistance level of $3.57, where it faced rejection. Currently, FTT is trading at $3.25, consolidating after the breakout.
The chart reflects FTT’s strong historical performance in similar situations. In mid-November, the token displayed a comparable falling wedge pattern and broke out with substantial momentum, rallying by an impressive 70% from $1.71 to $2.97 within two weeks.
Based on the current breakout setup, FTT could repeat its past trajectory. If it manages to clear the $3.57 resistance, the price is likely to surge towards the next major resistance at $4.31, representing a potential 40% rally from the breakout level.
Conclusion
While the speculation around SBF’s potential pardon is purely hypothetical, it has undoubtedly sparked renewed interest in FTT. Traders should watch the $3.57 resistance level closely as a break above this could fuel the next leg of the rally.
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