The post What Could Halt FET Price From Marking a 33% Rally? appeared on BitcoinEthereumNews.com.

FET price has seen significant price action recently, driven in part by shifting market sentiment following CUDOS’ addition to the Artificial Superintelligence Alliance (ASI). Despite this development, some concerns have emerged regarding FET’s price potential.  One of the key factors is the increasing participation of short-term holders, whose activity could potentially introduce volatility. As these investors enter the market, FET may face challenges in sustaining its bullish trajectory. Should FET Holders Worry? The rise of short-term holders on the ASI network is becoming a growing concern. These investors, who typically hold FET for less than a month, now control over 9% of the cryptocurrency’s circulating supply from 5.6% last month. While short-term holders aren’t currently dominating the market, their increasing presence could spell trouble for FET if they decide to book profits quickly. Although they have not yet led to significant bearishness, the collective actions of these short-term holders could weigh on FET’s price. If the market shifts and these investors move to liquidate their positions, it might create downward pressure, leading to a temporary dip in FET’s price before any sustained rally can take place. Read More: How Will Artificial Intelligence (AI) Transform Crypto? FET Supply Distribution. Source: IntoTheBlock From a technical perspective, the ASI token is showing signs of building bullish momentum. The 50-day and 200-day exponential moving averages (EMAs) are on the verge of forming a Golden Cross, a bullish indicator that could signal the end of the current Death Cross, which has been active since mid-July. This potential shift would likely reinvigorate market confidence in FET, creating a foundation for further price growth. The Death Cross has kept the market cautious over the past few months, but the possible formation of a Golden Cross could reverse this trend. If confirmed, it would suggest that FET’s longer-term price outlook…

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Filed under: News - @ October 2, 2024 4:20 pm