FTT just pumped out of nowhere, are we back to speculation?
Right now, retail traders are seeing FTT shoot up and starting to fantasize about FTX’s revival, but the reality is, FTX hasn’t restarted and FTT hasn’t regained its original value. This surge is more about speculative hype. Sentiment digestion will likely lead to a pullback.
As the FTX creditor repayments continue to roll out, billions of dollars are gradually being returned to creditors, and the market is starting to think that the major bearish factors are slowly clearing up.
But I want to remind you, FTT is essentially a sentiment coin. It can spike several points in a day when it’s up, and it won’t give you much time to react when it’s down.
My trading strategy is pretty straightforward:
Below $0.73 is a sentiment undervalued zone, so I’ll cautiously set up some short positions;
Because FTT is not like BTC, it doesn’t have the ability to continually create value, and what supports its price more is market sentiment and capital games.
For these meme coins, don’t talk about faith or long-term value.
Follow the money, take profits when you can.
After all, in the crypto space, those who can pocket the profits are the real winners.
The rest will be validated by the market.
#ftt $ZEC
$FTT $BEAT