Fetch.ai (FET), the native token of Fetch.ai, is currently trading at $0.21, down 20% from its monthly high of $0.27 in early September. Recent on-chain data has highlighted increased demand from cryptocurrency whales, coinciding with a bounce in the stock price of NVIDIA (NASDAQ: NVDA). This article explores how this increased whale demand could impact FET prices.
Key points to consider:
- FET is the native token of Fetch.ai, an AI cryptocurrency protocol that offers decentralized machine learning services.
- Whale investors holding 1 million to 10 million FET tokens have been actively accumulating FET this week. Their holdings increased from 302.24 million FET on September 19 to 320.84 million FET on September 26.
- Notably, this buying spree by whales, amounting to 18.6 million FET tokens, has coincided with a noticeable bounce in NVIDIA stock prices.
- The total value of the 18.6 million tokens acquired by these FET whales is approximately $4 million. Historically, the buying activity of this whale cluster has had a significant impact on FET prices.
- The recent whale demand has also sparked confidence among retail investors, leading to an influx of purchase orders for FET on crypto exchanges. Currently, there are active orders to buy 33 million FET, surpassing the 30 million FET available for sale.
- If NVIDIA’s stock price continues to rise, it could boost confidence in Fetch.ai and the broader Crypto AI sector.
- From an on-chain perspective, if the whales continue their buying spree into October, Fetch.ai’s price could potentially reclaim $0.30.
- The Global In/Out of Money Around Price (GIOM) data supports a bullish prediction, indicating that if FET breaks through the initial resistance at $0.26, it could surge towards $0.30.
- However, bears could invalidate this bullish scenario if FET’s price drops below $0.15. Yet, bullish traders dominating the FET spot markets are likely to prevent a significant bearish downswing.
In summary, increased whale demand for FET, coupled with a positive sentiment in the Crypto AI sector, could potentially lead to a price resurgence for Fetch.ai. However, the cryptocurrency market is highly volatile, and investors should conduct thorough research and exercise caution.