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The FTX token price has exploded 18% to trade for $4.87 as of 2:05 AM EST, with a 245% surge in trading volume.

The token is among the top five gainers of the day, alongside Terra Classic (LUNC) and Wall Street Memes (WSM).

The FTT market turned bullish after the exchange secured approval from the court to sell up to $873 million in trust assets held with Grayscale and Bitwise.

With the approval, there is reinvigorated hope of the exchange coming from underwater to resume operations. According to Lookonchain, FTX continues to put tokens on the liquidation floor to repay debt.

FTT Token Price Outlook

After filling a symmetric triangle, the FTX token price broke out above the upper trendline of the technical formation, with the potential to extend the gains. This is indicated by the north-moving Relative Strength Index (RSI), which shows that momentum continues to rise.

Additionally, its position at 67 shows more room to the north before considerations of the FTT token being overbought come to mind.

Increased buying pressure could see the FTX token price extend north to confront the 100-day Simple Moving Average (SMA) at $6.0883. Further north, the gains could extend for the price to clear the intra-day high of the November 9 trading session at $6.4600.

FTX tokenFTX token
TradingView: FTT/USDT 1-day chart

Converse Case

On the flip side, selling pressure from the resistance presented by the 100-day SMA at $6.0883 could cause a rejection of the FTX token price. Alternatively, early profit booking from investors looking to cash in on the 18% climb could interrupt the uptrend for FTT.

A pullback could see the FTX token price fall back into the fold of the triangle or, worse, a break below the lower trendline with an extended pull to find support due to the 50-day SMA at $2.5286.

Meanwhile, the Bitcoin price has breached the $40,000 psychological level. It is up almost 5% in the last 24 hours to trade for $41,445 as of 3:00 AM EST, alongside a trading volume surge of almost 60%, which is why now is the best time to buy BTCETF as its presale continues.

Promising Alternative To FTX Token

BTCETF is one of the best alternatives to FTX tokens, especially now that the Bitcoin market is hot. It is the powering token for the Bitcoin ETF Token ecosystem, the only project rewarding token holders for ownership as it continues to front-run the approval of spot Bitcoin exchange-traded funds (ETFs).

Traders looking to buy BTCETF can do so in the presale for just $0.0062, with presale sales now boasting an outstanding $2.43 million out of a target of $2.876 million.

Visit the Bitcoin ETF Token website to buy BTCETF in the presale here.

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