Despite Whale Sale of $1.6 Million, the FET Rally Is Not Over Yet: This Is What It Is About
Contributor
Posted:
- DWF Labs sold $1.68 million worth of FET tokens on Binance after the token hit a three-month high.
- Despite the sell-off, FET is still on an uptrend, with the MVRV ratio indicating that holders are sitting on profits.
The Artificial Superintelligence Alliance [FET]
has shown notable performance among cryptocurrencies, reaching a three-month peak of $1.72 on September 25.
Over the past week, FET’s market cap has surged from approximately $3.8 billion to $4.3 billion according to
CoinMarketCap.
. Currently, FET is trading slightly down at $1.68. Following recent price increases, some addresses may seek to take profits.
As reported by SpotOnChain, crypto market maker DWF Labs deposited 1 million FET tokens worth $1.68 million onto Binance and still retains 9 million FET tokens.
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FET Technical Analysis
FET appears to be navigating a triangle pattern with an upward trend,… The resistance level currently stands firm at $1.73 after remaining unbroken since June. span > p >
Source: TradingView . p >
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The volume profile suggests dwindling trader interest in FET at this pricing point… This lack of engagement may be why breakouts have failed recently. span > p >
A breakthrough could materialize should new orders emerge… span > p >
The positive Chaikin Money Flow indicates buyers remain dominant… span > pt>
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