FTT Price Stabilizes Near Support Amid $2.2B FTX Payout Boost

FTX Token (FTT) gained about 4% Tuesday, adding to nearly 7% gains from the previous day. This comes as the FTX Recovery Trust released its fourth payout, distributing $2.2 billion to former customers and creditors.

With this payout, total repayments have reached $10 billion. The next distribution is planned for May 29. Earlier estimates put FTX’s debt around $11.2 billion. The strong recovery of assets has helped recover much of the dollar value of claims, and smaller claims are receiving an extra 20% interest. However, repayments are still based on valuations from November 2022, so there could be potential gains if compared to current market prices.

Looking at the technical side, FTT is still in a broader downtrend, showing lower highs and lower lows. The price remains below key moving averages, and the longer-term average is acting as a resistance level.

However, the price is stabilizing around an important support zone near $0.30 to $0.31. This level has held multiple times, which suggests buyers are coming in. On the upside, immediate resistance lies between $0.32 and $0.35, an area where the price had previously broken down. A stronger resistance zone is between $0.50 and $0.55, where selling pressure might grow.

Momentum remains weak but shows early signs of picking up. The Moving Average Convergence Divergence (MACD) indicator is flattening near zero, indicating that downward pressure is easing, though no clear bullish signal has appeared yet. The price is moving within a narrow range, pointing to consolidation and possible accumulation.

If the price breaks above $0.35, it could open the way for a recovery toward $0.45 and possibly back up to $0.50–$0.55. On the other hand, if support at $0.30 breaks, the price may drop sharply toward $0.25 or even $0.20.

In summary, FTT is no longer strongly bearish but hasn’t turned bullish either. The price is compressed near key support, and the next breakout—up or down—will likely set the direction moving forward.

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