The post FET price prediction: Top reasons why a bullish reversal is imminent appeared on BitcoinEthereumNews.com.

FET has been under bearish pressure after failing to break out of a descending channel. A drop in exchange reserves as whale activity spikes suggests that a trend reversal is imminent. Artificial Superintelligence Alliance [FET] has been under bearish pressure after dropping by 14% in the last two weeks. This bearish sentiment has prevented a breakout from its descending parallel channel.  FET traded at $1.18 at press time. The altcoin continues to face resistance at $1,34, which is also the upper trendline of the descending channel, amid declining buying interest.  The Relative Strength Index (RSI) stood at 37, indicating high selling pressure. Moreover, the RSI has been making lower lows, pointing towards a strengthening bearish sentiment.  Source: Tradingview The Average Directional Index is also rising. This shows that the current downtrend is strong, and it could continue if there is no shift in demand.  Despite the prevailing bearish trends on the one-day chart, on-chain metrics are showing signs of bullish reversal.  FET exchange reserves drop  Data from CryptoQuant shows that FET exchange reserves have plunged significantly in the last four days. The reserves dropped from 502 million to a weekly low of 497 million. Source: CryptoQuant Declining exchange reserves positively impact price as it can result in reduced selling pressure. Therefore, if this decline continues in the coming days, the selling activity around FET could reduce and the token could be poised for a recovery.  A drop in this metric also suggests that the recent downtrend shook out the weak hands that have been contributing to the high-selling activity.  Whale activity on the rise  There has also been a spike in whale activity around the FET token. Data from IntoTheBlock shows that within 24 hours, large FET transactions surpassing $100,000 increased from 4.63M to 7.56M. Source: IntoTheBlock This spike suggests…

---

Filed under: News - @ November 3, 2024 3:05 pm