- FET is approaching the resistance at $1.77 after a 22% rally, with technical and RSI indicators pointing to momentum.
- On-chain indicators are showing strong bullish signals, while rising exchange reserves suggest increasing selling pressure.
Fetch AI [FET] Breaking out of the macro downtrend, it has surged over 22% and is approaching the key $1.77 resistance level. Bullish momentum for FET remains strong at $1.61 and is up 1.48% in the past 24 hours at the time of writing.
The key question is whether this upward trend will be sustained and the asset will surpass this key resistance level.
Price Action Analysis: Can FET Break Through the $1.77 Barrier?
FET’s price action shows that the token has reached the upper Bollinger Band limit of $1.637, which is usually a sign of overbought conditions. The RSI is at 62.22, which indicates that it remains close to the overbought zone and has room for further upside.
Strong buying pressure has traders closely monitoring the resistance at $1.77. A breakout from this could signal a rise to $2.00, but a failure to break out could see FET revisit $1.30 as support.
Source: TradingView
Foreign exchange reserves rising – are selling pressures increasing?
FET's exchange reserves increased by 0.24% over the past 24 hours to 497,097,100 tokens, suggesting that selling pressure may increase. An increase in token holdings on exchanges is often an indication that traders are preparing to sell, which could impact price movements.
If this trend persists it could lead to a short-term price correction and will be an important factor to watch.
Source: CryptoQuant
On-Chain Signals: Is the Bullish Momentum Still Alive?
FET’s on-chain signals are showing solid bullish indicators: net network growth is up 2.54%, indicating expanding user activity, while “in the money” is up 2.73%, suggesting more holders are taking profits.
Both concentration and large transactions increased slightly, signaling continued investor confidence in FET's potential upward trajectory.
Source: IntoTheBlock
FET Open Interest Increases — What Does This Mean?
Open interest in FET futures increased by 2.33% to $105.82 million at press time. The increase reflects increased market participation and expectations of significant price movement.
The growing open interest coupled with strong on-chain data suggests that FET may be able to maintain its bullish momentum.
However, traders should remain cautious as too much leverage can lead to a sharp correction.
Source: Coinglass
Read FET Price Forecast 2024-2025
FET’s bullish momentum hinges on breaking through the $1.77 resistance. On-chain data supports further upside, but rising exchange reserves suggest caution as selling pressure could limit the upside.
