FTT Soars Nearly 60% Amid $16B Repayment Rumors, Targets $2.76

A surge in sentiment and trading volume has led to a sudden shift in FTT, breaking the $2 barrier. Will the uptrend continue?

As the market anticipates a breakout run and an altcoin season, the FTX exchange is back in the news. Rumors of FTX settling its $16 billion repayment have boosted FTT sentiment, fueling a post-retest rally of almost 60%.

With rumors of a $16 billion influx in the crypto market, will the FTT uptrend continue to scale new heights?

FTT Breakout Run Crosses $2

The FTT token has broken out of a long-coming triangle, marking the beginning of a bull cycle. Starting with a tweezer bottom at $1.265, the bull run has accounted for a 64.57% jump over the last two weeks.

The streak of bullish candles has surpassed the overhead trendline and crucial daily EMAs, confirming the triangle breakout. A minor drop of 4.28% on Saturday marked a successful retest of the pattern breakout.

FTT price chartThe post-retest jump led to a massive bullish engulfing candle with a long-wick formation, creating a 24-hour high of $2.94 before closing the day at $2.20.

The pullback continued with a 5.08% drop, with the FTT token trading at $2.03. Despite the pullback, the bullish influence over the 50-day EMA teases a bullish crossover with the 100-day EMA.

The $16B Repayment Rally

The excitement surrounding a potential settlement of the $16 billion repayment to creditors has propelled the FTT token. While rumors suggest that the settlement may begin within 24 hours, official distribution dates have yet to be confirmed.

Market observers are looking ahead to the upcoming Omnibus hearings scheduled for October 22, November 20, and December 12, which could mark significant repayment dates.

FTT Short-term Targets

Based on the short-term price action analysis, the trendline breakout puts multiple targets on the upside. With the immediate support at $2, a bullish continuation will target $2.26, $2.53, and $2.76.