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FET Coin Stock Price Stabilizes: This is How Whales Avoided $1 Billion in Losses

Unlike the rest of the market, the price of a currency (FET) without significant losses over the past 24 hours, as the altcoin maintained its 2% decline.

This is thanks to the whales which offset the bearish signals. However, the altcoin threat still exists.

FET Coin Saved Whales for Victory

The cryptocurrency market correction is weighing on all digital assets, but somehow the price of the FET token hasn't fallen as much. FET only observed a 2% correction during the day. However, this does not hide the fact that the altcoin could have fallen by more than 15%. All thanks to the whales who didn't allow this to happen.

Intraday lows were around $2.37, set as the trading price before the whales intervened. Large wallet holders significantly accumulated FET, causing the price to rebound.

Addresses with between 1 and 10 million FET units were able to accumulate over 18 million FET units in two days. This represents over US$50 million, bringing their holdings to 327.81 million FET units.

Fetch.AI Whale accumulation.
Recover whale Source: Feeling

The price can therefore be seen It is trading at $2.80 at the time of writing.

Apart from the whales, the altcoin also enjoys strong support at the price of $2.26. This level corresponds to the upper end of the range at which approximately 394 million FET tokens worth over $1.1 billion were purchased by investors.

Recover.AI GIOM. GIOM. Source: In the block

Therefore, price will bounce off this level if it exceeds it, as investors will likely refrain from taking profits due to fear of losses. Price Prediction: Downside Momentum Has Not Increased Yet

The FET coin price almost fell to $2.37 but rebounded to a trading price of $2.80. This proves the precedent that upward momentum is not completely exhausted. The altcoin remains above its 50-day EMA, which is also a positive sign, preventing FET coin from falling below the $2.46 support level.

However, the Parabolic SAR, a trend following indicator that helps traders identify potential price trend reversals, indicates a downtrend. Even though black spots are present above the candle, they are not yet intense.

FET/USDT 1-day chart.
FET/USDT 1-day chart. Source: Trading View

Additionally, the Average Directional Index (ADX) is also above the threshold of 25.0. The ADX indicator is used to gauge the strength of momentum, and the downtrend is currently losing steam as the indicator indicates a decline.

However, this does not rule out the possibility of this trend strengthening in the long term, which could cause Fetch.aiI price to slide to $2.46. Loss of this support line could invalidate the bullish thesis, which could push FET to $2.26 or higher.

Of confidence


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