FET Eyes $2 After Crypto Whales Scoop 100 Million Tokens in 3 Days
beincrypto.com 30 September 2024 09:45, UTC The price of Artificial Superintelligence Alliance (FET) has surged by 35% this month, marking a strong recovery after previous declines during the early phases of the AI coin mergers. This recent performance has made September a positive month for the cryptocurrency.
However, in the past seven days, FET’s price has dipped by 5.46%, likely due to some investors locking in profits from the recent rally. Despite this short-term decline, large-scale accumulation is underway, as key stakeholders appear to be positioning for another potential breakout.
Whales Double Down on Artificial Superintelligence Alliance
On September 25, FET’s price jumped to $1.70, fueling speculation that the AI coin could retest $2. But that did not happen, as the cryptocurrency is now down to $1.60.
Following the drawdown, it appears that crypto whales saw this as an opportunity to buy at discount prices. This is evident from on-chain data obtained from Santiment. According to Santiment, the number of tokens held by addresses who own about 10 million to 100 million FET was 591.45 million on September 27.
Today, the number has increased to 689.94 million, indicating that crypto whales bought nearly 100 million FET in the last three days. At its current price, this purchase is worth nearly $100 million.
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Interestingly, this accumulation comes amid the CUDOS (CUDOS) to FET migration. CUDOS is a decentralized blockchain network that enables Graphic Processing Unit (GPU) machines to power decentralized applications.
On September 26, the project disclosed that it had begun its migration to the Artificial Superintelligence Alliance and shared steps for transitioning from CUDOS to FET. Considering the development, it is likely to see a notable jump in FET’s market cap and possibly — its price.
On another note, IntoTheBlock data shows that the Coins Holding Time has increased by 183.81% in the last 90 days. This implies that many FET holders have stuck with the cryptocurrency without transaction or potentially selling it.
From a price perspective, this could be bullish for the token. But what’s happening on the technical side?
FET Price Prediction: $2 and Above Soon
On the daily chart, FET’s price is trading near the 20-day Exponential Moving Average (EMA). The EMA determines the direction in which a cryptocurrency’s price might move based on previous price trends.
As seen below, the 20 EMA (blue) is around $1.52, and support lies in the same area. This indicates that FET might not drop below this region. Instead, a rebound could be next for the cryptocurrency.
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However, the token needs to break the $1.70 resistance first. If successful, the next price target could be $2.03 or possibly higher. But if FET bulls fail to gain the advantage and the token drops below the 20 EMA, the prediction might be invalidated, and the price could decline to $1.33
