FET Token Hits 3-Month High, Faces Resistance at $1.73
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The Key Points at a Glance
The FET token continues to show positive price development despite a sale of $1.68 million by a large market participant (so-called “whale”). The price recently reached a three-month high of $1.72. Technical indicators suggest that the upward trend could continue, although there are some signs of short-term weakness. The majority of FET holders are currently in profit, which could indicate further growth potential.
FET: A Look at the Current Market Situation
The FET token, which belongs to the Artificial Superintelligence Alliance, has shown impressive price development in recent days. On September 25, the token reached a value of $1.72, marking a three-month high. During this time, the market capitalization rose from $3.8 billion to $4.3 billion.
Despite this increase, there was a recent larger sell-off. DWF Labs, a well-known crypto market maker, transferred 1 million FET tokens worth $1.68 million to the Binance exchange. However, DWF Labs still holds 9 million FET tokens, which shows that confidence in the token has not been completely shaken.
Technical Analysis: What’s the Outlook for the FET Token?
The FET token continues to show an upward trend, supported by an ascending triangle pattern. However, the price is facing strong resistance at $1.73, which it has not been able to break through since June. The trading volume at this price level is relatively low, indicating that there is currently not enough buying interest to trigger a breakout.
A positive indicator is the Chaikin Money Flow (CMF), which remains in positive territory. This suggests that buyers are still in control. However, the CMF has flattened in recent days, which could indicate a potential weakening of the upward trend.
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A Look at the Derivatives Markets
The analysis of the derivatives markets shows mixed signals. Open interest (the number of open positions) and trading volume have slightly declined, suggesting that fewer traders are actively opening new positions. This could be related to the liquidation of $440,000 in long positions over the past 24 hours.
The ratio of long to short positions is 0.92, meaning more traders are betting on falling prices. However, there are slightly more long positions on Binance, indicating that some traders are still betting on a continuation of the upward trend.
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FET Holders Remain in Profit
Another important indicator is the Market Value to Realized Value (MVRV) ratio. This ratio indicates how much profit or loss the average token holder currently has. The MVRV value for FET is currently at 1.22, meaning that most holders are seeing a profit of about 22%.
Interestingly, the MVRV value has not yet reached extreme levels, which suggests that there is still room for further growth before larger profit-taking may occur.
Our Assessment
Although there are short-term signs of weakness, the FET token remains in an overall positive trend. The large sale by DWF Labs has not had a lasting impact on the market, and technical indicators like the CMF and the MVRV ratio suggest that further growth is possible. However, traders should be cautious as the resistance at $1.73 remains strong, and trading volume at this price level is low.
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