FTX Token (FTT) Rose 64% to $2.23 Ahead of the October 7 Court Hearing on Creditor Repayments, With a Potential 160% Increase If Approved

FTX Token (FTT) is currently creating buzz in the crypto market as anticipation grows ahead of the October 7 court hearing concerning the repayment plans

Anticipation is building for the upcoming October 7 court hearing on creditor repayments, which could potentially see FTX Token (FTT) rise by 64% to $2.23, with a further 160% increase possible if the court approves the repayment plans.

FTT is currently trading at $2.13, up 64% over the last seven days. The price has risen sharply in recent weeks as anticipation grows ahead of the hearing. If the court approves a proposal that will begin creditor repayments, FTT could rise to 10-month highs.

The hearing is set to address the repayment plans of creditors and customers of the bankrupt crypto exchange FTX. A representative for FTX creditors stated on X (formerly Twitter) that customers owed less than $50,000 could receive payments by late 2024, while those with larger claims may have to wait until mid-2025.

According to Santiment data, there has been an uptick in the token's age-consumed metric, indicating that dormant FTT tokens are changing hands. This increase in token age being consumed suggests growing investor activity, which is a positive sign as investors prepare for the upcoming hearing.

FTT's Daily Active Addresses (DAA) divergence shows 25.46%, which indicates that more unique addresses are engaging in transactions. When the price increases, it is correlated with the increase in DAA. This usually signals that the market is very interested, which might lead to the FTT’s value rising more.

FTT's On-Balance-Volume (OBV) has also surged, reaching December 2023's highest with a 69% increase in just four days. This sudden rise implies great buying power, which could be credited for moving the price up if the lawsuit is approved. FTT may rise above $4.91 and go as high as $5.98.

The On-Balance Volume (OBV) is a technical analysis tool that shows us the direction of the price change. It notes the flow of volume trades, thus determining which side bears more force, buyers or sellers, towards a financial instrument.

If the hearing does not go well or if the investors sell off, FTT may fall back to approximately $1.

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