FET’s Breakout Suggests Potential Rally Toward $3 Amid Strong Buying Pressure
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The cryptocurrency market is abuzz as FET surges past key resistance levels, signaling potential for further gains towards the $3 mark. With buying pressure intensifying across exchanges, FET has demonstrated resilience, bolstered by a significant uptick in investor interest over the past 24 hours. According to COINOTAG, analysts are now closely monitoring the token’s movements following its recent breakout above critical resistance levels. FET’s recent rally past critical resistance could signal further gains, with the token eyeing a potential move to $3. Explore the latest insights on FET’s performance. FET’s Momentum Suggests Further Upside Potential As of the latest update, FET is trading at $1.83, reflecting a remarkable 12% increase within a single day. This spike has positioned over 97,000 FET addresses in profit, representing approximately 78% of all active addresses. Such widespread profitability often correlates with enduring bullish sentiment among retail investors. Moreover, this price surge resulted in a striking decrease in realized losses for the asset. The declining realized losses indicate that fewer coins are being sold at prices lower than previous highs, suggesting a strengthened conviction among holders. Source: Glassnode Additionally, insights from ZAYK Charts highlighted a crucial trend—the breakout from a descending trendline indicates substantial upward momentum. This breakout aligns with the historical highs reached in March 2024, where FET hit $3 amid bullish market conditions. Source: X Assessing Market Conditions Ahead While FET’s breakout appears promising, COINOTAG conducted a deeper analysis of the token’s on-chain metrics to evaluate potential challenges ahead. Notably, there has been a sustained increase in buying pressure, as evidenced by diminished supply on exchanges coupled with rising outflows. However, a crucial observation reveals that top addresses have decreased their holdings, suggesting profit-taking by these large investors. This action often precedes price corrections, introducing a potential headwind for FET. Source: Santiment Despite…
Filed under: News - @ December 1, 2024 6:08 am