The FTX token (FTT / USD) even came under pressure after the parent company announced a major contract with the best Formula 1 team in the world. FTT was trading at $ 55.98, a few points below its high of $ 61.15 this week.
FTX and Mercedes deal
FTX is a leading cryptocurrency exchange best known for its leverage products. The company processes more than $ 5 billion worth of cryptocurrencies every day. It works through its main brand and the FTX US brand, which targets American customers.
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In a statement made on Thursday. FTX announced a new sponsorship with the Mercedes-AMG Petronas Formula 1 team. The new deal calls for the company’s logo to appear on F1 cars and in driver’s clothing. It will be unveiled on Sunday during the Russian Grand Prix event.
At the same time, there is a likelihood that FTX will leverage the team’s popularity to grow its non-fungible token (NFT) business. In a statement, Sam Bankman, the founder of FTT said:
“FTX is pleased to be working with the reigning Formula 1 world champions and current team point leaders Mercedes-AMG Petronas to further expand our position as the leading global cryptocurrency exchange.”
The partnership brings together two leading players in the industry. According to CoinMarketCap, FTX is among the top 5 largest crypto exchanges in the world. At the same time, Mercedes won the drivers ‘and constructors’ championships for several years in a row with its Formula 1 time. Hence, FTX is likely to gain more customers worldwide as F1 is one of the most popular sports in the world.
FTX is now one of the few crypto projects that has a deal with F1. For example, Crypto.com announced a big deal a few months ago. Tezos also has a partnership with Red Bull.
FTX token price prediction
The daily chart shows that the FTT price has been under heavy pressure in the past few weeks. The current price is about 35% below this month’s high. It’s also below the major resistance at $ 66.95 and slightly below the short- and longer-term moving averages.
The pair appear to form the handle portion of the cup and handle pattern. Hence, there is a likelihood that the FTX token price will recover soon, although it is still a bit early.
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The post FTX token price prediction after the Mercedes F1 deal first appeared on monter-une-startup.
