Will $FET Hit $3? Whale Accumulation Hints More Upside for Fetch.ai Price

Fetch.ai price: For a majority of major cryptocurrencies, March has been quite volatile so far as the bitcoin price rally to a new all-time high of $69000 witnessed an immediate reversal. While the BTC showcased sustainability above $60000, several altcoins wavering in uncertainty indicate a potential for a new correction phase.

Despite the overhead supply, the Al-tokens managed to rebound higher, maintaining its ongoing bullish trend. In the last two days, the Fetch.ai coin jumped 62% and marked a new all-time high at $2.85.
Also read: How Price Prediction On AI Crypto Tokens Hint Fresh Recovery In Bitcoin

Is Fetch.ai Price Poised to Surpass $3?

An analysis of the daily time frame shows the Fetch.ai coin price witnessed a parabolic growth in february. From the last swing low of $0.524, the coin price rallied to its current trading price of $2.6 registering 406% growth.

Such growth was also recorded in other AI-related tokens like Near Protocol which jumped 130%, RNDR by 150%, and SingularityNET up by 344%. Moreover, this sector’s recent bullish performance compared to others can be attributed to the upcoming NVIDIA 2024 GTC AI conference scheduled for March 18 to 21. The event dedicated to the latest advancements in GPU technology, AI, and their applications across various sectors will significantly impact the world of AI tokens and cryptocurrencies.

The FET price is currently trading at $2.65 and provided a recent breakout from the horizontal resistance of $2.18. Sustaining this support could prolong the current recovery to $2.83, followed by $3.5.

Also Read: Here’s Why AI Tokens FET, RNDR, NEAR & Others Are Rallying Today

Fetch.ai’s Path to Recovery Bolstered by Whale Actions and Dormant Wallets

An On-chain data tracker, SpotOnChain reports highlighted a whale withdrawing 1.72 million FET ($4.15 million) in just 5 hours, cumulatively pulling out 13.4 million FET ($24.9 million) over five days for a 49% profit. Concurrently, a previously dormant wallet associated with Fetch.ai deposited 5 million FET ($11.2 million) into Binance, despite holding a vast reserve of 1.12 billion FET ($3 billion).

The $FET price soared 52% (24H) as impacted by #NVIDIA #GTC24!

What are the on-chain highlights?

1. Whale 0xa7b further withdrew 1.72M $FET ($4.15M) from CEX in the past 5hrs.

The whale withdrew 13.4M $FET from CEX at ~$1.86 ($24.9M) in the past 5 days, now making $12M (+49%).… pic.twitter.com/Xbfpl0ZABK

— Spot On Chain (@spotonchain) March 7, 2024

Also Read: Fetch AI Unveils $100M Program to Boost AI Development, FET Price Dips by 7.10%

This indicates the smart money opinion lies with a prolonged recovery trend for the Fetch.ai coin, with less possibility for top formation.

Technical Indicator

• Pivot levels: The traditional pivot level on the daily chart indicates the rising price may witness overhead supply at $2.83 and $3.5. 
• Relative Strength Index: The daily RSI(91%) slope rising at the overbought region indicates the FET price would need an occasional pullback to restore the recovery trend.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.