The value of Artificial Superintelligence Alliance (FET) has experienced a significant increase of 35% this month, signaling a robust rebound following earlier downturns during the initial stages of AI coin mergers. This notable performance has made September an encouraging month for the cryptocurrency.
Nevertheless, in the last week, FET’s price has fallen by 5.46%, likely influenced by some investors taking their profits from the recent uptrend. Despite this temporary setback, a substantial accumulation is taking place, as major stakeholders seem to be gearing up for another possible breakout.
Whales Double Down on Artificial Superintelligence Alliance
On September 25, FET’s price surged to $1.70, sparking speculation that the AI coin could revisit the $2 mark. However, that has not materialized, and the cryptocurrency has since retreated to $1.60.
In light of this price decline, it appears that crypto whales seized the opportunity to purchase at lower prices. This is supported by on-chain data from Santiment. They reported that the number of tokens held by addresses owning between 10 million and 100 million FET reached 591.45 million on September 27.
Today, this number has risen to 689.94 million, demonstrating that crypto whales have acquired nearly 100 million FET over the past three days. At the current price, this acquisition amounts to almost $100 million.
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Interestingly, this accumulation is occurring alongside the migration of CUDOS (CUDOS) to FET. CUDOS is a decentralized blockchain network that facilitates the use of Graphic Processing Unit (GPU) machines to power decentralized applications.
On September 26, the project announced the commencement of its migration to the Artificial Superintelligence Alliance and outlined steps for transitioning from CUDOS to FET. Given this development, it’s plausible to anticipate a significant increase in FET’s market cap and potentially — its price.
On a related note, data from IntoTheBlock indicates that the Coins Holding Time has grown by 183.81% over the past 90 days. This suggests that many FET holders are retaining their cryptocurrency without conducting transactions or considering selling it.
From a price analysis standpoint, this may indicate a bullish trend for the token. But what does the technical analysis suggest?
FET Price Prediction: $2 and Above Soon
As illustrated in the daily chart, FET’s price is currently hovering around the 20-day Exponential Moving Average (EMA). The EMA is utilized to forecast the potential direction of a cryptocurrency’s price based on historical trends.
From the chart, it can be observed that the 20 EMA (blue) sits near $1.52, with support also located in this vicinity. This suggests that FET is unlikely to drop below this threshold. Rather, a rebound may be imminent for the cryptocurrency.
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However, the token must first overcome the $1.70 resistance level. If this is achieved, the next target may be $2.03 or potentially higher. Conversely, if FET bulls are unable to establish an advantage and the token falls below the 20 EMA, this forecast may be rendered invalid, with the price possibly decreasing to $1.33.
Disclaimer
In alignment with the Trust Project guidelines, this price analysis article is intended for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is dedicated to providing accurate, unbiased reporting, but market conditions can change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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