Biggest Movers: FTT Down 30% on Tuesday, Falling to 21-Month Low
FTX token continued a recent sell-off on Tuesday, as prices slipped to their lowest level since February 2021. The decline comes as traders liquidated their positions, following recent tweets from Binance CEO Changpeng Zhao. CZ initially stated that the exchange would liquidate all its FTT, however he has now confirmed that Binance will be fully taking over its competitor, FTX.
FTX Token (FTT)
FTX token (FTT) fell to its lowest level in 21-months on Tuesday, as traders continued to liquidate their positions.
The decline began after tweets from Binance CEO Changpeng Zhao over the weekend, who stated that the exchange would be moving away from FTT.
CZ tweeted, “Due to recent revelations that have come to light, we have decided to liquidate any remaining FTT on our books.”
Since this tweet, FTT/USD has fallen for three straight sessions, with today’s decline taking the token to a low of $15.56.
This is the lowest level that prices have hit since February 2021, and comes following a breakout of a key support point of $22.25.
Prices now seem to be oversold, with the relative strength index (RSI) now tracking at 23.79, which is its weakest point on record.
FTT has since rebounded, as CZ shocked markets by confirming, “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.”
As of writing, the token is now trading at $19.37.
In addition to FTT, dogecoin (DOGE ) was another notable mover, with the meme coin falling by over 14% today.
Following a high of $0.118 to start the week, DOGE/USD slipped to an intraday low of $0.1007 earlier in the day.
Dogecoin has been in free-fall since climbing to a six-month high of $0.1589 last Tuesday.
As of writing, the meme coin has now declined for a fourth straight day, with today’s move pushing the RSI to a reading of 53.61.
This is the lowest reading for the index in two weeks, and comes as the 10-day (red) moving average (MA) has finally tilted downwards.
Should the momentum of this MA continue to maintain its course, DOGE will likely fall below $0.1000 in upcoming days.
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Could we see dogecoin move below $0.1000 this week? Let us know your thoughts in the comments.