As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed countless rallies and corrections. However, this recent surge in FET is particularly intriguing due to the significant whale accumulation we’ve seen.
The Artificial Superintelligence Alliance (FET) has seen a surge recently, climbing up by 31% in just the past week. This upward trend can be attributed to a significant increase in ‘whales’ amassing more of these assets, suggesting growing investment interest from large-scale financiers.
The significant increase in FET’s price, pushing it close to the top limit of its trading range from June, raises the query: Will this upward trend cause a breach beyond the crucial barrier of resistance?
FET Whales Drive Rally
Over the last week, it appears there’s been a noticeable increase in large investors (whales) acquiring Filecoin (FET) tokens as per BeInCrypto’s analysis. According to Santiment, these whale accounts with between 10 million and 100 million FET tokens have together bought approximately 106 million tokens worth around $174 million at current market rates over the past seven days.
As whales collect more coins, this suggests a strong belief in the coin’s potential worth in the future. This increased desire among large investors can spark curiosity among retail buyers, leading to higher demand and, consequently, boosting the asset’s value due to increased buying pressure.
The significant increase in whale ownership of FET is mainly due to its underestimated worth, as suggested by the negative Market Value to Realized Value (MVRV) ratio. According to Santiment, the current MVRV ratio for FET is a striking -86.25%.
In simpler terms, the MVRV (Market Value to Realized Value) ratio assesses an asset’s current market worth against the total value it was bought for in the past. This helps determine if the asset appears overpriced or underpriced when compared to its historical purchase price.
Historically, investors have seen times when MVRV ratio is negative as a chance to buy, understanding that the asset is currently being sold for less than what it was originally bought for and could potentially recover. This belief in recovery has prompted large FET holders (whales) to accumulate more of this asset recently.
FET Price Prediction: A Rally Above $2 Is Possible
Over the past few months as a researcher, I’ve observed that the price action of FET has been confined to a horizontal trading range on my daily chart since June. This pattern emerges when an asset’s price bounces between parallel levels of support and resistance, signifying a phase of consolidation or sideways trading. Specifically, I’ve noticed that FET has repeatedly encountered resistance at approximately $1.72, and found solid footing at around $1.09.
Currently, FET is trading at $1.63 and attempting to surpass the upper boundary of its current trading channel. If it manages to do so, the price could potentially rise to $2.09. However, if the attempt to break resistance fails, the price may drop toward support at $1.35 instead.
Read More
- VVAIFU PREDICTION. VVAIFU cryptocurrency
- Will Michelle Yeoh Appear In Avatar 3? Here’s What James Cameron Had To Say
- General Hospital Spoilers: Will Sasha Let Robert Scorpio Into Her Life?
- Tom Holland Teases a Completely Different ‘Spider-Man 4’: “The idea is crazy.”
- EUR INR PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- Face To Face With Scott Peterson TRAILER Shares New Look At Infamous Crime 20 Years After Suspect’s Sentencing
- Knull Sparks Renewed Interest in ‘Venom: The Last Dance,’ Set for One of 2024’s Biggest Openings According to Early Projections
- DC Comics Reunites Batman Creators Jeph Loeb and Jim Lee for HUSH Sequel
- Ariana Grande Recalls Meeting Her Idol Imogen Heap for the First Time: ‘I Thought I Was Being Catfished’
2024-11-29 18:44