Wholesale Whale Buying Makes FET Prices Rise 70%

Bittime - The price of Fetch.ai's native token, FET, has been on a roller coaster ride in recent weeks. However, recent moves by leading popes show renewed confidence in the project's potential. 

According to on-chain data from Etherscan, whale addresses known to hold large amounts of FET tokens recently repurchased large amounts of FET following a price drop.

Strategi Buyback Whale FET

The details of the buyback are worth noting. The whale address in question has reportedly acquired an additional 1.5 million FET tokens, worth approximately $2.1 million at the time of purchase (August 26, 2024). 

This strategic step was taken after the correction price for FET, indicating whales may see this as a good time to accumulate more tokens.

This is not the first time this particular whale has demonstrated a keen understanding of the FET market. Its past transactions show a calculated buying and selling history, indicating a long-term investment strategy.

Also read: AAVE and FET Price Analysis: Price Surge in Q3 2024

What Does This Buyback Mean for FET?

Although the actions of a single whale should not be the sole basis for investment decisions, these buybacks can be interpreted as a positive signal for FET. This suggests that at least one major investor believes in the long-term prospects of the project, even amid short-term price fluctuations.

Crypto Analyst: FET Price Rise

Crypto analyst DrProfitCrypto adds another piece of evidence for FET's potential. They highlight an upside of 73% since their recommended entry point, further supporting the idea of ​​a strategic buying opportunity identified by whales. 

This significant price increase, coupled with whale action, suggests a confluence of factors driving FET's upward trajectory.

FET Price Technical Indicators

Looking beyond the whales' actions, technical indicators for FET also paint a cautiously optimistic picture. The Relative Strength Index (RSI) is currently around 52, indicating that the token is neither overbought nor oversold. 

Additionally, the Moving Average Convergence Divergence (MACD) indicates a possible trend reversal, with the MACD line potentially crossing above the signal line in the near term.

Fetch.ai's Growth Momentum

It is important to consider Fetch.ai's ongoing development efforts when evaluating its future potential. The project continues to move forward in the field of Artificial Intelligence (AI) for blockchain, recently announcing partnerships with several industry leaders. This progress could drive adoption and long-term value for the FET token.

Conclusion

The recent whale buyback, combined with positive technical indicators and Fetch.ai's development efforts, suggests FET's future growth potential. However, investors should remain cautious and closely monitor market conditions before making any investment decisions.

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Learn How to Buy Crypto on Bittime.

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