The FTX Token (FTT/USD) price tilted higher on the first day of February as investors reacted to the latest funding round by the parent company. The coin is trading at $43.54, which is about 40% above the lowest level in January this year.

FTX is a leading cryptocurrency company started by Sam Bankman-Fried. The company offers a number of services in the cryptocurrency industry. For example, it offers a basic exchange where people can buy and sell cryptocurrencies.

FTX also offers an advanced derivatives platform where people can trade complex derivatives assets like leveraged tokens. It also offers an NFT marketplace where people can mint and sell new assets.

FTX has been on a tear recently in terms of fundraising. In 2021, the company raised over a billion from investors at a valuation of over $25 billion.

And this week, FTX announced that it had raised $400 million from investors in its series C fundraising. This was the company’s third funding round in six months, bringing the total to $1.8 billion. As a result, its total valuation in the private market currently stands at about $32 billion. 

The announcement came a few days after FTX US secured another $400 million from a group of investors led by Softbank Group. The fundraising took the company’s valuation to over $8 billion. 

For starters, the FTX Token is the native token for the FTX platform. It is a leading coin that is valued at over $4 billion. The coin’s role is to provide incentives for users of the FTX platform. For example, holders enjoy discounts when they are using the FTT token.

Therefore, the continuing fundraising will affect the FTT token by rising the confidence among investors about its role.

The daily chart shows that the FTX Token has made a good rebound in the past few days. The coin has moved slightly above the 25-day and 50-day moving averages. It has formed a descending channel that is shown in black. The FTT price is slightly below the upper side of this channel while the Relative Strength Index (RSI) has tilted higher.

Therefore, there is a likelihood that the price will keep rising as investors target the upper side of the descending channel at about $50. On the flip side, a drop below $35 will invalidate this view.

The post FTT: FTX Token price prediction after the giant fundraising appeared first on Invezz.

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