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Volume Increase in FET Token
Despite the rising cryptocurrency market, FET has remained relatively stagnant. According to CoinMarketCap, the value of FET has only increased by 2% in the past seven days. However, within the last 24 hours, the price has increased by almost 4%, indicating a potential upward trend. As altcoin prices rise, the volume has also increased by over 70%, providing a foundation for price growth. At the time of writing, FET was trading at $0.3802 with a market value of over $308 million.
An analysis of Fetch.ai’s measurements revealed several reasons behind this increase. According to CryptoQuant, FET has a high reserve of reserves, which may indicate that it is not under selling pressure. Further analysis confirmed that the supply on exchanges has decreased while the supply outside of exchanges has increased in the past few days.
The token’s MVRV ratio has also increased in the recent past. Additionally, positive sentiment towards the token increased on November 6th, implying significant optimism among investors. The token’s derivative metrics have also shown an upward trend. According to Coinglass, the token’s open positions have increased along with its price. An increase in open positions usually signifies new money entering the market, thus increasing the likelihood of the current price trend continuing.
The Future of FET Token
At the time of writing, Fetch.ai’s funding rate remained on the rise, indicating that futures traders are buying the token at higher prices. While these metrics seem promising, a look at CryptoQuant’s graph reveals that FET’s relative strength index (RSI) is in overbought territory.
This is concerning as it signals increasing selling pressure. Other indicators, such as the decreasing money flow index (MFI), also show a downward trend. Additionally, the MACD suggests a potential downward trend in the coming days.
