Assessing the odds of Fetch.ai continuing its bull rally
- Fetch.ai was ranked 1 on the list of cryptos by Galaxy Score.
- FET was down by 3% in the last 24 hours, and indicators looked bearish.
While the overall crypto market volatility remained low, Fetch.ai [FET] acted differently as it rallied last week. The pump allowed FET to lift its value by double digits. If the latest data is to be considered, investors can sit comfortably, as the possibility of a continued uptrend is likely.
Read Fetch.ai’s [FET] Price Prediction 2023-24
Apart from FET, quite a few other AI and big data tokens also looked bullish. Is market interest in AI tokens growing once again?
Fetch.ai bulls are here
The bulls stepped up their game last week as they lifted FET’s price by a substantial amount. According to CoinMarketCap, Fetch.ai’s price surged by more than 22% last week, which was encouraging.
A look at FET’s on-chain metrics revealed what was supporting the uptrend. The uptick was accompanied by a rise in trading volume. Thanks to the price uptick, FET’s MVRV Ratio went up considerably.
As per CryptoQuant, FET’s net deposits on exchanges were low compared to the last seven-day average, suggesting an increase in buying pressure. On top of that, FET’s exchange outflow was also high, indicating that investors were accumulating more tokens in the hope of a continued uptrend.
Moreover, if the latest data is to be considered, investors’ expectations might be fulfilled in the coming days.
FET to continue its rally?
LunarCrush’s data revealed that FET ranked number one on the list of the top 15 cryptos by Galaxy Score. A high Galaxy Score means that the possibility of an asset’s price action turning bullish is high. Therefore, it seemed likely for FET to continue its rally. However, the ground reality was different as FET’s growth halted.
TOP 15 coins by @LunarCRUSH Galaxy Score
Galaxy Score is a proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across the web$FET $NAKA $DYDX $LINA $OCEAN $SNX $ENJ $TOMO $CELO $QUICK $ALGO $SFP $UNI $UNFI… pic.twitter.com/l6gqwxUecr
— ?? CryptoDiffer – StandWithUkraine ?? (@CryptoDiffer) September 3, 2023
As per CoinMarketCap, despite having a high Galaxy Score, FET was down by more than 3% in the last 24 hours. At press time, it was trading at $0.2545 with a market capitalization of over $208 million.
Whales’ confidence in FET also dropped, as evident from the slight decline in its supply held by top addresses. Additionally, whale transaction counts increased while FET’s price rose. This, coupled with a drop in supply held by top addresses, meant that the whales were expecting a market peak as they sold their holdings.
How much are 1,10,100 FETs worth today
Investors can expect this…
A look at FET’s daily chart suggested that investors should be cautious. Fetch.ai’s Relative Strength Index entered the overbought zone and then registered a decline, meaning that the price trend might change. The On Balance Volume also went down, increasing the chances of a price correction in the coming days. Nonetheless, the MACD still remained in the bulls’ favor.
Not only FET but the market’s interest in AI and big data tokens has declined of late. This was evident from CoinMarketCap’s data,which revealed that AI and big data tokens’ trading volume dropped by over 38%.