FTX’s Ghost Token: Can FTT Defy the Odds and Deliver 5X Returns?

FTX’s native token, FTT, has plummeted amid the ongoing Bitcoin-led price correction, recently hitting a low of $1.37, down approximately 15% from its weekly high of $1.6109. The token has also declined over 20% from its value a month ago.

However, some market analysts see potential in FTT, betting on significant price growth. In an X post, technical analyst Mags revealed accumulating FTT over the past few weeks, acknowledging that FTT is a “shitcoin” lacking inherent utility to boost its value beyond market speculation.

Despite this, Mags asserted that FTT could experience gains of up to 500% when market conditions improve, arguing that FTT will either see a 5X rally or drop to zero.

Specifically targeting a $10 price point, the analyst predicts an “inverse FTX” scenario for FTT, drawing parallels to FTT’s price of $25 just days before FTX’s bankruptcy. Following the bankruptcy in November 2022, FTT lost nearly 100% of its value, hovering around $1 ever since. Mags anticipates a dramatic comeback for FTT in the current bull market, similar to its previous trajectory.

Specifically targeting a $10 price point, the analyst predicts what he calls an “inverse FTX” scenario for FTT. This outlook is inspired by the fact that FTT traded as high as $25 just days before FTX went bankrupt.
Mags is not the only one projecting an “inverse FTX” case for FTT. Analyst Javon Marks suggested as well that FTT is in an oversold trend, based on technical indicators. He projected an impending 270% rally, potentially pushing FTT to the $6 level before any further upward movement.