Crypto Whales Accumulate 18M FET Tokens
The price of Fetch AI (FET) currently stands at $0.21, experiencing a 20% decline from its monthly high of $0.27 on September 3. However, on-chain data suggests that the recent increase in whale demand, coinciding with the bounce in NVIDIA stock prices, could potentially impact FET prices.
FET is the native token of Fetch.ai, an AI cryptocurrency protocol that offers decentralized machine learning services. This week, a group of whale investors holding 1 million to 10 million FET balances were observed buying aggressively, accumulating a total of 18 million tokens.
Historical trends indicate that the buying activity of this whale cluster has often influenced FET prices significantly. Therefore, if they continue their buying spree, it could lead to a bullish price reversal in the coming weeks.
Bullish Sentiment Spreads to Retail Spot Markets
The increased demand from whales has also boosted confidence among retail investors. There has been a noticeable influx of purchase orders for FET across various crypto exchanges. The market demand for FET currently exceeds supply by over 3 million tokens.
If NVIDIA stock breaks its downtrend, it could further enhance investor confidence in Fetch.ai and the broader Crypto AI sector.
Potential Upswing Towards $0.30
From an on-chain perspective, if the whales continue their buying spree into October, Fetch.ai’s price could potentially reclaim $0.30. The Global In/Out of Money Around Price (GIOM) data supports this bullish prediction.
If Fetch.ai surpasses the initial resistance at $0.26, it may rally towards $0.30. However, early profit-taking by buyers at $0.26 could pose a significant obstacle.
The bears could invalidate the positive prediction if the FET price drops below $0.15. Nevertheless, considering the dominance of bullish traders in the FET spot markets, they are likely to prevent a bearish downswing.
Hot Take: FET’s Price Outlook
The recent accumulation of FET tokens by crypto whales, along with increased retail demand, suggests a potential upward movement for Fetch.ai’s price. If the buying pressure continues and NVIDIA stock shows positive momentum, FET prices could experience a bullish reversal in the coming weeks. On the other hand, failure to hold vital support levels could lead to a bearish reversal. Overall, it will be interesting to see how these factors play out and impact FET’s price trajectory.
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