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The FTX Token (FTT/USD) price retreated slightly in the overnight session as investors reflected on the latest US inflation data. The coin is also slipping ahead of the upcoming Super Bowl event scheduled for Sunday.

FTX is a leading blockchain company valued at more than $32 billion. On the other hand, FTX US is a separate firm with the same owners that was recently valued at over $8 billion.

The two companies provide multiple services like a cryptocurrency exchange and a trading platform that enables people to buy and sell coins.

The FTX Token, on the other hand, is the native coin for the FTX platform. According to CoinGecko, the token is valued at more than $6 billion and is the 28th biggest cryptocurrency in the world.

FTT has a number of uses. The most important one is that it makes it cheap for holders to buy and sell coins in the FTX platform.

The FTT price declined after the US published strong inflation numbers. The data revealed that the headline consumer inflation rose by 7.5% in January, the highest level in more than 40 years. 

Therefore, the American job market is hot and inflation is even hotter. Therefore, one remedy will be for the Federal Reserve to embrace a more hawkish tone in the coming months. That means delivering multiple rate hikes and winding down the quantitative easing program.

The next key catalyst for the FTX Token price will be Super Bowl, the biggest sporting event in the US with over 91 million viewers. 

FTX and several other cryptocurrency companies are set to air adverts during the event. Therefore, there is a likelihood that these adverts will push more people to buy the FTT token.

The daily chart shows that the FTT price retreated slightly during the American and Asian sessions. It is trading at $44, which is slightly below the upper side of the descending channel pattern. The coin is slightly above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved slightly below 40.

Therefore, while the Super Bowl ads will be positive for the coin, there is a likelihood that it will continue falling as bears target the lower side of the channel at around $32.

The post FTX Token (FTT) price prediction ahead of the Super Bowl ads appeared first on Invezz.

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