AI Token FET Gains 54% in 7 Days Thanks to…
AI token FET gains 54% in just 7 days thanks to…
Fetch.AI [FET] The artificial intelligence (AI) industry has seen a dramatic price increase in recent weeks. OpenAI has launched Sora, an AI-based video generation app. This was the main reason for the hype.
Beyond the hype
The growing interest in AI has led to a surge in interest in AI-based tokens like Fetch. The price of FET has increased by 7.84% in the last 24 hours.
This price increase was part of a larger trend. The price of FET has increased by 54% in the past week.
FET’s RSI was at 66 according to technical analysis when the article was written. This suggested that the token had reached overbought levels.
CMF, on the other hand, had fallen. The price of the token has increased even though the CMF has fallen. This could indicate that there was no strong buying volume to support the price increase.
This raises questions about the durability of the price increases.
If the selling pressure on the token continues, the price could fall to $0.788, which was a resistance level before the FET price surge.
Profits are rising rapidly
The growing MVRV of the FET token was another alarming aspect. AskFX analyzed Santiment data and found that MVRV for FET holders reached a new high.
This showed that FET holders were extremely profitable. The price of FETs usually decreases after an increase in MVRV. This is because holders take profits.
The impact of profit-taking on the FET token price remains to be determined.
Here is the FET market cap expressed in BTC.
Traders were skeptical about the recent rise in FET price.
Coinglass data showed that the percentage of short positions against FET increased to 52.6% in the last few days.
