FET Crypto: Notable Whale Sells Off 255B SHIB, Detailed Insights Revealed
FET crypto experienced an intriguing development recently, as a prominent crypto whale caught the attention of many by offloading a substantial amount of Shiba Inu (SHIB) tokens. The whale exchanged over 255.6 billion SHIB tokens, valued at $3.11 million, in favor of Artificial Superintelligence Alliance (FET) tokens.
According to a tweet from @spotonchain on X, an early SHIB whale shifted their losing position to FET crypto. However, the whale still retained $10 million worth of SHIB. Following this significant whale activity, the price of FET saw a 14% increase shortly thereafter.
To provide some context, the whale had been holding SHIB tokens since December 2021. It was later revealed that the unknown whale actively traded SHIB between February 21 and June 22, ultimately making a profit of $145 million. However, the investor then faced an unrealized loss of $11.51 million, leading them to decide to recover some of their losses by swapping their position.
Looking at the FET price action standpoint, there seems to be potential for positive developments. The daily chart structure for FET crypto displayed a positive stance. Last week, FET experienced a range breakout, triggering a bullish reversal. However, the bulls were unable to surpass the 100-day EMA mark and revisited the support region of $1.
Despite this, the FET price remained in the green above the 20-day EMA mark, trading at $1.16 during intraday hours, accompanied by a rise of over 3.71%. Additionally, the trading volume increased by over 23% to $237.49 million, indicating a rise in investor optimism.
As the FET coin price exited the falling channel pattern, it displayed fresh bullish swings, with an increase of over 50% in the past two weeks. Technical indicators for FET are showing increased buyer participation, with the Chaikin Money Flow (CMF) indicator oscillating in the positive region, suggesting a surge in capital inflows. The RSI also indicated bullish momentum, standing at 56 at press time.
Data from IntoTheBlock revealed that around 48.66% of FET holders are currently making profits, based on the current price levels, while over 40% of addresses are facing unrealized losses. This indicates the overall market health and the gains that most participants have experienced during previous price increases.
Despite the price gain, the Futures Open Interest (OI) for FET saw a decline of over 3.20% to $54.27 million. This could be an indication of short-covering activity that could further drive the price increase.
Considering the bullish chart structure, if FET crypto manages to sustain above the 20-day EMA mark, there is a possibility for it to rise to $1.80, followed by the $2 mark in upcoming sessions. However, if it fails to secure the $1 mark, the crucial pivot of $0.92 may act as a support zone, with $0.800 following suit.