Fetch.ai’s native cryptocurrency, FET, has seen a notable price increase, recently achieving a record value. Post this peak, the digital asset has been experiencing a period of consolidation. This consolidation phase might be coming to an end as FET’s value is climbing, currently nearing the pivotal $2.85 resistance level. Overcoming this barrier may set the stage for an ascend toward its historic peak of $3.07.
Confidence from Major FET Stakeholders
The trajectory of a cryptocurrency often hinges on the confidence of its backers. Currently, Fetch.ai is enjoying a bullish sentiment from its investor base, especially from large-scale holders, commonly known as whales. Whale wallets, particularly those containing one to ten million FET tokens, have demonstrated increasing interest in the asset, amassing over 21 million tokens since the month’s start. Concurrently, the declining availability of FET on trading platforms suggests that smaller investors are likewise preparing to capitalize on possible price gains.
Anticipations and Forecasts for FET’s Value
The movement of FET tokens off exchanges, amounting to upwards of 8 million, points to a preference for hoarding rather than selling. With such a pattern, there is a collective expectation for a near-term price surge for Fetch.ai. At present, FET is trading close to $2.83, challenging a threshold it has struggled to cross multiple times within the month.
Should FET break through this time, it may only require a 7% increase to set a new all-time high, potentially within the month. Nevertheless, market participants should note that historically, FET’s sharp upticks have sometimes been followed by swift pullbacks. Such a reversal could see prices retract towards $2.26, counteracting the optimistic outlook.
