At present, the price of Fetch.ai's (FET) suggests a positive outlook, supported by investor sentiment. Additionally, the altcoin anticipates leveraging Bitcoin's post-halving bullish trend to its advantage.
Whales Accumulating Fetch.ai (FET): Signs of a Bullish Run?
Investors in Fetch.ai (FET) continue to display optimism, with recent whale activity once again impacting the altcoin's price. Despite the recent sideways movement, whales have shifted from holding to accumulating FET.
Over the last 48 hours, addresses holding between $100,000 to $10 million worth of assets have seen a collective increase of $59 million in their holdings, signaling growing confidence in a potential rally.
Fetch.ai Whale Holding | Source: IntoTheBlock
The anticipated rally in Fetch.ai (FET) may occur sooner than expected, driven by several factors, including the correlation between FET and Bitcoin. Bitcoin, the largest cryptocurrency globally, recently underwent its halving event, reducing mining rewards by half—a process that takes place approximately every four years.
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Fetch.ai Correlation with Bitcoin | Source: IntoTheBlock
Bitcoin (BTC) supply limits can trigger price spikes. These surges often benefit other cryptocurrencies, and Fetch.ai (FET) being highly correlated (0.85) to Bitcoin makes it especially susceptible to these price movements.
Fetch.ai (FET): Bullish Signs Emerging?
Fetch.ai (FET), a cryptocurrency that powers artificial intelligence applications, is hinting at a potential price increase. Analysts are noticing a bullish technical pattern called a "double bottom" forming around $2.42.
Source: TradingView
This pattern typically indicates a trend reversal, where a downtrend starts to turn upward. The "double bottom" is formed by two consecutive dips in the price that hit roughly the same level. In FET's case, the price broke above a key resistance level at $2.28 last week, which is a positive sign.
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However, for the double bottom pattern to be confirmed, the price needs to sustain itself above this level. If that happens, the bulls (investors expecting a price increase) could push the price up to $2.76, which is 14.72% above the resistance level.
See more: Cryptocurrency Prices and Market Cap
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