Volatility is at dizzying levels and FET Coin has risen from $1.29 to as high as $2.12 today. Such significant spreads are rare. Particularly in altcoins with a market value over $1 billion, such large movements confirm the increased appetite of investors. At the time of writing, the artificial intelligence-focused altcoin is finding buyers at $2.08 and has reached a quarter of a billion dollars in volume just on the Binance exchange.
Fetch (FET) Coin
Since November 2022, as Nvidia’s stock rose, so did FET Coin. Both reached their all-time high (ATH) levels today. For the first time since September 2021, all FET Coin investors are in the black. The price of the AI-focused altcoin has increased by 200% in three weeks, fueled by the rise in US stocks, especially Nvidia. The Bitcoin rally also added spice to today’s peak.
According to the Global In/Out of the Money (GIOM) indicator, 100% of the circulating supply is currently profitable for its investors. The last group to reach profit bought in at an average of $1.82. Of course, with price fluctuations in the coming hours, this could change and drop below 100%.
At the same time, everyone being in profit indicates potential selling pressure. Despite the short-term risk of a downturn, the strong performance of BTC, the hype in the AI field, and FET Coin’s recent $100 million move suggest the possibility of even higher peaks.
FET Coin Whales
FET whale addresses have been reducing their holdings since the ATH in February. Since then, there have been sales worth $17 million from whale addresses. While 8.45 million FET Coin may not seem like a large number compared to the total circulating supply, it is still significant for observing whale behavior.
These addresses, which hold between 100,000 and 1 million FET, have played a significant role in determining the direction of the price in the past. We’ve seen rapid increases after they bought and declines when they started selling. Therefore, investors may need to interpret the continued sales since the previous ATH day as a sell signal.
In addition, the Relative Strength Index (RSI) suggests that FET is currently in the oversold region and a correction is expected. If there are closes below $1.71, the bullish scenario will be invalidated, and the dream of reaching $3 will be dashed.
