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- Buying pressure on FET was high even as its price increased.
- Whale confidence in FET declined, but several indicators remained bullish.
The bullish market condition has allowed quite a few cryptos to lift their prices, and Fetch.ai [FET] was one of them. The token’s price has rallied substantially, which has resulted in the formation of a bullish pattern on the token’s chart.
If the latest data is to be considered, FET investors might have yet another reason to rejoice.
FET is surging like no other
FET stole the limelight from other cryptos as its price surged by more than 100% over the last 30 days. In fact, the token’s price shot up by over 32% in just that last week, allowing it to gain a substantial amount of market capitalization.
Thanks to that, a bullish pattern formed on the token’s chart.
Crypto Tony, a popular crypto investor and trader, recently posted a tweet revealing that FET’s price had reached a key resistance level. If it manages to go above it, investors could expect a further rally.
Weekly close above 0.46c is exactly what we need to see from the bulls. Deviation and back below, means we likely fill out this ascending triangle
Either way hot pick for the bull run pic.twitter.com/b1jz7Gd08E
— Crypto Tony (@CryptoTony__) November 19, 2023
Even if it fails to do that, FET’s price will enter an ascending triangle pattern, which too is a bullish signal. The good news is that the token did manage to go above the resistance level of $0.47 in the recent past.
As per CoinMarketCap, FET was up by over 14% in the past 24 hours. At press time, it was trading at $0.5483 with a market cap of over $445 billion.
Investors’ reactions look impressive
While Fetch.ai’s price rallied, investors at large seemed to have increased accumulation in the hope of a further uptrend. When AMBCrypto checked Santiment’s data, we found that FET’s Supply on Exchanges plummeted sharply.
This happened while its Supply outside of Exchanges increased, suggesting high buying pressure.
Its MVRV ratio also rose sharply, increasing the chances of a continued uptrend. However, whales’ confidence in the token dropped, as evident from the decline in the supply held by top addresses.
However, nothing can be said with the utmost certainty, as CryptoQuant’s data revealed that FET’s Relative Strength Index (RSI) was in an overbought zone. This could increase selling pressure and, in turn, push the token’s price down.
Realistic or not, here’s FET market cap in BTC‘s terms
AMBCrypto’s analysis found that FET’s price touched the upper limit of the Bollinger Bands, which could cause a price correction. Nonetheless, the MACD displayed a clear bullish advantage in the market.
The Chaikin Money Flow (CMF) was also bullish as it registered an uptick. As per Coinglass, FET’s Open Interest increased along with its price. This suggested that the possibility of a continued uptrend remained high.