- FET approaches the $1.77 resistance following a 22% surge, with both technical indicators and RSI suggesting strong momentum.
- On-chain data reveals significant bullish signs, although increasing exchange reserves may indicate a rise in selling pressure.
Fetch.AI [FET] has risen over 22% after breaking free from its macro downtrend and is nearing the pivotal $1.77 resistance level. Currently, FET is trading at $1.61, reflecting a 1.48% increase in the last 24 hours.
The main inquiry is whether this upward momentum will persist and enable the asset to surpass this key resistance level.
Price action analysis: Will FET breach the $1.77 threshold?
FET’s recent price movements indicate the token has touched the upper Bollinger Band at $1.637, usually signaling an overbought condition. The RSI reads at 62.22, showing potential for additional gains while being close to overbought territory.
With significant buying pressure, market participants are intently monitoring the $1.77 resistance level. A successful breakout could pave the way toward $2.00; however, a failure to break through may result in FET retreating to $1.30 as support.
Source: TradingView
Exchange reserves rise – Is selling pressure increasing?
FET’s exchange reserves have increased by 0.24% to 497.0971 million tokens in the last 24 hours, indicating a possible uptick in selling pressure. A higher number of tokens on exchanges typically suggests that traders are gearing up to sell, which might influence price movements.
If this trend continues, it could lead to a short-term price correction, making it a crucial factor to keep an eye on.
Source: CryptoQuant
On-chain signals: Is bullish momentum still present?
FET’s on-chain signals indicate strong bullish indicators. The net network growth has increased by 2.54%, showcasing a rise in user activity, while “In the Money” has gone up by 2.73%, indicating that a larger portion of holders are profiting.
Slight increases in concentration and large transactions suggest that investor confidence in FET’s potential growth remains intact.
Source: IntoTheBlock
FET open interest grows—what might this indicate?
Open interest in FET futures has seen a rise of 2.33%, currently at $105.82 million at the time of writing. This increase indicates growing market activity and expectations for a significant price move.
Alongside strong on-chain metrics, the elevated open interest suggests that FET could sustain its bullish trend.
Nonetheless, traders should exercise caution as excessive leverage could result in a sudden market correction.
Source: Coinglass
Read FET Price Prediction 2024-2025
FET’s bullish momentum relies on overcoming the $1.77 resistance. While on-chain data supports potential further gains, rising exchange reserves indicate caution as selling pressure could limit the upward movement.
