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Could FTT be signaling a trend reversal at the back of Coachella’s partnership

FTX is well-known for its advertising methods. The house of the Miami Warmth formally turned the FTX Area in June 2021. Actually, the crypto derivatives trade onboarded celebrities like Stephen Curry and Naomi Osaka as its model ambassador.

All this goes to disclose that FTX is aware of the right way to impress its merchants. Effectively, these bulletins have had considerably of a powerful impression on the worth of FTX token. Nonetheless, the newest announcement did not generate the identical impact.

FTX brings NFTs to Coachella

On 1 April, the cryptocurrency trade partnered with Coachella, one of many largest music festivals on the planet to launch NFTs for the competition. Often known as the In Bloom FTX NFT, the NFT might be claimed by all attendees. And, the NFTs will probably be one among six distinctive designs which is able to present VIP entry and different privileges.

You will need to be aware that the announcement might be a advertising technique by the hands of each FTX and Coachella to attract in additional folks for the live performance, as NFTs are all of the craze proper now.

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After a uneven starting of 2022, NFTs appear to be taking the helm again of their management as gross sales have elevated considerably all through March.

In direction of the top of February, each day volumes have been $50.9 million. Nonetheless, on 4 April, the identical jumped to $173 million.

Screenshot 2022 04 04 223740

Each day NFT gross sales quantity on Opensea | Supply: Dune – AMBCrypto

Thus, getting onto the NFT bandwagon for the time being may be the precise alternative. Exactly, that is what Coachella appears to be doing.

Regardless of such an enormous announcement, on-chain metrics haven’t been supporting the trade’s token FTT.

Solely a single-day spike in transactions was observed when the information got here out, however aside from that, each day volumes have been sitting at a meager $15 million on common.

ITB ftt transactions volume in usd 2022 04 04T17 08 44.518Z

FTT transaction volumes | Supply: Intotheblock – AMBCrypto

Importantly, over the previous few weeks, the rally pulled out greater than 27% of all FTT traders from losses. However traders’ sentiment has been fairly low of late. On this context, it’s to be famous that the shortage of traders’ participation is the results of the present value motion.

ITB ftt historical break even price 2022 04 04T17 08 11.297Z

FTT traders in revenue | Supply: Intotheblock – AMBCrypto

Within the final ten days, no matter all of the fluctuations, value motion didn’t change a lot. FTT closed at $49.7 on 25 March and was buying and selling at $50.75 on 5 April.

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FTT value motion | Supply: TradingView – AMBCrypto

Nonetheless, FTT does have room for development because the Relative Energy Index (RSI) is much away from signaling a development reversal, performing reasonably bullish for now.



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