Over 63% of FTT addresses lose money due to a price drop below $ 40

December 29, 2021 - Around 2 mins mins to read

In the context of the continued red candles in the broader market on December 28th, the FTT also fell after showing some preliminary signs of recovery by December 27th.

What’s wrong with the FTT?

For much of the past week, FTT’s pricing action appeared to be going in the right direction. Despite the consolidation over the past few days, a steady rebound could undo the 3 month downtrend.

However, the drop in prices on December 28th made this impossible and FTT was unable to retest the trendline again. Since the all-time high in September, the altcoin has repeatedly tried to convert trendline resistance into support from October to November, and even surpassed it once when it fell behind.

FTT. Price action | The source: TradingView

Price move on December 28th was quite unexpected as the strength of the active uptrend strengthened. Also take a look at the pricing metrics and the network’s track record of reaching 1 million users on December 27th.

However, all of this is of no use to the investor unless it can actually turn a loss into a profit. Currently, over 63% of addresses are losing due to the FTT dropping from $ 79.7 to less than $ 40.

ftt

Percentage of FTT investors losing (red) | The source: In the block

FTT’s macroeconomic downtrend has also led most investors to turn to HODL assets. As a result, a decline in on-chain transaction activity is reflected in the number and volume of transactions.

ftt

Daily FTT transactions | The source: In the block

This also resulted in the price of FTT falling 23% in just 2 months.

ftt

Speed of FTT | The source: mood

With this market showing no early signs of recovery, FTT owners will have to rely on the upward movement of the external market. News about Polkadot and Avalanche listed on FTX is an example.

For now, the positive uptrend is keeping investors optimistic and is preventing the FTT from falling any further. Whether or not there is a clear rally can only be determined after a further 24-48 hours. For now, new investors who want to get in should watch the price development and only act after a constant green candle.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Market