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- Buying pressure on FET was high even as the price rose.
- Whales’ confidence in FET fell, but several indicators remained bullish.
The bullish market conditions have allowed quite a few cryptos to increase their prices Collect.ai [FET] was one of them. The price of the token has increased significantly, resulting in the formation of a bullish pattern on the chart of the token.
Taking the latest data into account, FET investors may have another reason to rejoice.
FET is growing like no other
FET stole the spotlight from other cryptos as its price surged over 100% in the past 30 days. In fact, the token’s price skyrocketed by over 32% over the past week, allowing it to gain a significant amount of market capitalization.
Thanks to that, a bullish pattern formed on the chart of the token.
Crypto Tony, a popular crypto investor and trader, recently posted a tweet revealing that FET‘s price had reached a major resistance level. If it manages to go above that, investors can expect a further rally.
Weekly close above 0.46c is exactly what we need to see from the bulls. Deviation and back down means we’re probably filling in this ascending triangle
Anyway, a good choice for the bull run pic.twitter.com/b1jz7Gd08E
— Crypto Tony (@CryptoTony__) November 19, 2023
Even if that fails, FET’s price will enter an ascending triangle pattern, which is also a bullish signal. The good news is that the token managed to move above the $0.47 resistance level in the recent past.
From CoinMarketCapthe FET has risen by more than 14% in the past 24 hours. At the time of writing, it was trading at $0.5483 with a market cap of over $445 billion.
Investor reactions look impressive
As Fetch.ai’s stock rose, investors in general appeared to have increased their accumulation in hopes of a further uptrend. When AMBCrypto checked Santiment’s data, we discovered that FETThe supply on the stock exchanges plummeted sharply.
This happened while off-exchange supply increased, indicating high buying pressure.
The MVRV ratio also rose sharply, increasing the likelihood of a sustained upward trend. However, whales’ confidence in the token declined, as evidenced by the decline in the supply of top addresses.
Source: Santiment
However, nothing can be said with utmost certainty like that of CryptoQuant facts revealed that FET’s Relative Strength Index (RSI) was in an overbought zone. This could increase selling pressure and in turn lower the price of the token.
Realistic or not, here it is FET market cap in BTC‘s conditions
AMBCrypto’s analysis showed that the price of FET reached the upper limit of the Bollinger Bands, which could trigger a price correction. Nevertheless, the MACD showed a clear bullish advantage in the market.
The Chaikin Money Flow (CMF) was also bullish and registered an upswing. From Mint glass, FET’s Open Interest rose along with its price. This suggested that the possibility of a continued uptrend remained high.
Source: TradingView
