The FTX Token (FTT) is slowly making its way higher in early trading on Monday, but is expected to trend higher in the coming sessions making it an interesting crypto to monitor. At the time of writing, FTT/USD is trading at around $64.60.

FTX is one of the leading cryptocurrency exchanges in the world and the FTT is its native token used within its entire ecosystem. In addition to being used as collateral while taking future positions, the token can also be used within the platform to earn discounts on trading fees and other OTC rebates.

FTX’s Recent Fundraising Round Supports Uptrend

One of the biggest factors supporting the bullish mood towards the FTX Token is the news that the exchange managed to secure over $420 million in fundraising during a Series B-1 round from several well known institutional investors. This has increased the valuation of the crypto exchange to $25 billion, making it one of the hottest companies in the crypto space to watch.

The FTX exchange plans to use these funds to develop additional opportunities, and expand its service offerings towards equities, NFTs, videogame partnerships and even prediction markets. In addition, the exchange also plans to expand its regulatory coverage. These developments could bring more users to the FTX platform and support the value of the FTT token in the coming months.

FTX is betting heavily on the surging interest among investors towards cryptocurrencies, launching promotions to bring more users to its platform. It is the official and exclusive crypto exchange partner of Miami Heat. Recently, the exchange distributed $500 worth of cryptocurrencies to every person sitting in one section of the Miami Heat’s home stadium, also called the FTX Arena during the team’s season opening game. In addition, other spectators across the stadium were given a branded T-shirt and an NFT each, to raise brand awareness and drive up adoption of its services.

FTT/USD Technical Analysis

According to popular crypto analyst and trader who operates under the pseudonym Altcoin Sherpa, FTT could make its way to the $80 mark in the coming sessions. In a recent Twitter update, he shared that the FTX Token is one of the safest altcoins to hold and trade in the near term.

On the 4-hour price chart of FTX/USD, moving averages along with the MACD are exhibiting a strong bullish bias. However, the momentum indicator is flashing sell as well.

FTX Token’s price is holding above the pivot point at $61.01 but has some way to go until the immediate resistance at $68.30. If buyers can take the price till here and break past this point, we can see FTT make a way to the key $80 mark, but not before testing resistance again at $74.79.