One of the most popular projects in the field of artificial intelligence, FET’s price could gain in the coming days if demand increases on the investor side. FET investors are expecting the price to rise again because it could bring them significant profits. Let’s examine the possible scenarios on the FET front with important data and detailed chart analysis.
What is Happening on the FET Front?
Trading at the $0.85 level, FET’s price is below the $0.90 resistance that has held the altcoin back for the past week. As shown by the Global In/Out of the Money (GIOM) indicator, a rise above this could lead to investors losing their profits. According to this indicator, approximately 396.68 million FET, valued at just under $350 million, could soon see profits. The supply purchased between $0.86 and $1.19 will become fully profitable once the FET price reaches $1.20.
This situation is not far off but is also far enough to delay profits. However, this does not change the potential future profits that place the altcoin in the bullish zone according to the Market Value/Realized Value (MVRV) ratio. The MVRV ratio evaluates investor profit and loss.
Currently, the altcoin’s 30-day MVRV data is at -22%, indicating losses and potential buying pressure. Historically, FET’s MVRV data between -11% and -24% generally marks the beginning of uptrends and identifies this area as an accumulation opportunity zone. Therefore, when demand and accumulation come together, it can push FET prices even higher.
FET Chart Analysis
FET’s price is currently consolidated between $0.90 and $0.85, and the altcoin needs to break the upper limit to show further upward movement. If investors focus on accumulation, this is likely to happen. If this resistance is broken, the altcoin could face resistance at $1.04, known as a critical support base.
Overcoming this will allow FET to rise further and make the above-mentioned supply profitable. However, if the demand is not strong enough to push the altcoin above $1.04, it will experience horizontal movement. If this continues, the bullish thesis could be invalidated.
