CandleFocus FET’s 33% Rally Under Threat From These Key Holders
2024-10-02
Author: Content Editor
The price of FET (Fetch.ai) has been influenced by shifting market sentiment following CUDOS' addition to the Artificial Superintelligence Alliance. However, concerns have emerged about the increasing presence of short-term holders, who may introduce volatility to FET's price. The rise of these holders on the ASI network is a growing concern as they now control over 9% of FET's circulating supply. If these holders decide to book profits quickly, it could create downward pressure on FET's price. However, from a technical perspective, the ASI token is showing signs of building bullish momentum, with a potential Golden Cross forming. This could reinvigorate market confidence in FET and support further price growth. FET has seen a 14% increase since CUDOS joined the ASI, but investor sentiment remains cautious. Currently trading at $1.46, FET may consolidate below resistance at $1.71 while maintaining support at around $1.40. However, if FET can break through the resistance and flip it into support, it could lead to a potential rally and a price increase of 33%.
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