Fetch.ai price appears to be consolidating its January gains as the AI hype starts to wane. Regardless, crypto whales appear convinced that the bull rally is not over yet as they double down on FET.
Such an important accumulation trend among crypto whales could propel Fetch.ai into another rally.
Large Investors Bought 100 Million FET
On March 10, Fetch.ai (FET) slid below $0.30 as the January hype surrounding AI-related projects began to wane. However, by March 23, FET had surged by 34%, edging closer to the $0.40 zone.
Interestingly, a deeper dive into the underlying on-chain data suggests crypto whales are turning bullish as their interest in the FET token has intensified.
Data from blockchain analytics firm Santiment shows a significant cluster of whales appears to be positioned strategically for future FET price gains. The wallet addresses on the Fetch.ai network with balances between 10 million to 100 million FET have increased their holdings in recent weeks.
Between Feb. 9 and March 23, this group of whales added about 110 million FET to their holdings, worth approximately $40 million.
Crypto whales typically have significant financial power, and a prolonged accumulation trend among them can quickly trigger a price surge. Considering the 10 million to 100 million whale cluster’s history of timing recent price rallies accurately, FET holders can expect more upswing in the coming weeks.
Furthermore, the negative social perception among Fetch.ai network participants could be considered another bullish signal. From a euphoric score of 4.91 on March 12, the weighted sentiment has swung negative to reach -0.28 as of March 23.
Weighted sentiment tracks the ratio of negative mentions of assets compared to positives. Low values mean the social sentiment surrounding the asset is largely negative.
Notably, crypto investors could consider the current dysphoric sentiment in the Fetch.ai community as a potential opportunity to re-enter the market.
Fetch.ai (FET) Price Prediction: Next Stop $0.50?
IntoTheBlock’s Global In/Out of Money (GIOM) data shows the current distribution of holders along the lines of their average purchase prices.
As things stand, more than 99% of FET holders are in profit. This means holders are not pressured to avert losses at current prices.
If Fetch.ai can break above its current resistance at $0.40, where 42 addresses hold 336,000 FET, it could enter a prolonged rally. The next critical resistance would be around $0.64, where 360 addresses could sell some of their 10.37 million FET.
Still, the bears can invalidate this stance if the price of Fetch.ai slips below $0.30. If this support level cannot keep the price at bay, $0.20 could be the next stop where 731 addresses bought 27.68 million FET.
Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
