FTT Dips Amid FTX’s Troubles as LUNC Faces Steep Correction

The FTX token (FTT) has dropped significantly in the past 24 hours, with the price dipping from an intra-day high of $3.94 to an intra-day low of $3.44. The token’s price, presently $3.56, has dropped 4.49% from the day’s high. The ongoing bankruptcy proceedings of FTX accompany this downward trend, casting doubt on the token’s usefulness and relevance in the future.

Adding to the complexity, recent transaction data reveals that FTX has transferred substantial quantities of digital assets, specifically 8 million MATIC tokens valued at approximately $5.95 million and 1,592 Ethereum (ETH), worth around $3.22 million, to Coinbase and OKX, respectively.

These transfers, conducted within an 8-hour window, have sparked speculation regarding the potential implications for FTT’s value and the broader market. The movement of such significant sums to exchanges indicates a strategic liquidation effort by FTX as they work to manage the fallout of their financial collapse.

Consequently, the market capitalization has also taken a hit, decreasing by 4.66% to approximately $1.17 billion. Moreover, despite an increase in trading volume of 32.95%, the token’s function and longevity remain in question as the liquidation process to settle creditors’ claims progresses.

Terra Classic (LUNC) Price Analysis

Concurrently, despite starting the day with solid momentum, Luna Classic (LUNC) is undergoing a correction. After failing to break through resistance at $0.0001256, bearish trends took over, forcing the token’s price to fall to an intraday low of $0.00009444, where support was established.

At press time, LUNC was trading at $0.00009629, an 11.04% drop from the intraday high. If the bears surpass the $0.00009444 support level, LUNC might see more downward pressure, with the next support level at $0.00009000. However, if the bulls take control and push the price over the resistance level at $0.00010000, a potential trend reversal might occur, resulting in a probable price increase.

LUNC’s market capitalization declined 12.25% during the retracement to $555.41 million, but 24-hour trading volume grew by 22.59% to $540.17 million, showing more trading activity during the downturn. This spike indicates that there is still strong demand and liquidity in the LUNC market, which may support a price comeback if market sentiment flips.