The cryptocurrency market has been underperforming over the past few days, with the total market cap now below $2 trillion.
The broader cryptocurrency market continues to underperform, with Bitcoin struggling to defend its position above the $40k level. At press time, Bitcoin is trading below the $42k level, down by more than 1% in the last 24 hours.
Despite the cryptocurrency market recording losses in the past 24 hours, FTT, the native token of the FTX crypto exchange, has been performing well. FTT has added more than 2% to its value over the past 24 hours and could rally higher if the market condition remains unchanged.
The rally comes after FTX announced as naming rights sponsor of Australian Blockchain Week 2022 a few hours ago.
I'm incredibly excited to announce @FTX_Official as the Naming Rights Sponsor for Blockchain Week 2022.
— Steve Vallas (@stevevallas) January 17, 2022
Blockchain Australia is the leading industry network in the country, bringing together industry, academia and government to discuss the opportunities of blockchain technology. The event will take place between March 21 and 25.
Since the announcement, FTT has been performing well. FTT is trading at $46 per token, up by nearly 3% in the last 24 hours.
Key levels to watch
The FTT/USD 4-hour chart is currently bullish, thanks to the cryptocurrency’s performance over the past 24 hours. The technical indicators show that FTT is currently rallying and could surge higher over the next few hours.
FTT’s MACD line is above the neutral zone, indicating a bullish trend for the cryptocurrency. The RSI of 57 shows that FTT could soon enter the oversold region if the positive momentum is maintained.
If the bulls remain in charge, FTT could break past the first major resistance level at $49 over the next few hours. An extended bullish performance would allow FTT to trade above the $50 psychological level for the first time since November.