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Cryptocurrency News Articles
Fetch.ai (FET) Price Prediction: Token May Revisit Two-Month Low as Dormant Token Holders Reactivate and Move Their Coins
Oct 10, 2024 at 10:00 pm
FET has experienced a 5% decline over the past week and now faces further downward pressure as dormant token holders reactivate and move their coins.
FET price encountered further selling pressure on Wednesday as old tokens were reactivated and moved, indicating that long-term holders were making adjustments to their positions.
The age consumed metric for FET surged by 600% in a single day, reaching 1.33 billion — its highest since September 13. This metric tracks the movement of long-held coins, and a spike in this value indicates that many previously inactive coins have recently been traded or moved.
Since long-term holders rarely shift their assets, these spikes are often noteworthy and can signal a change in market dynamics. In this case, dormant FET tokens were being moved as the market showed a lack of demand for the altcoin.
Usually, when dormant coins re-enter circulation, it signifies renewed activity from long-term holders, and if there is strong market demand, this can translate into positive growth for an asset's price. However, this was not the scenario for FET as market sentiment remained bearish.
Currently, FET's price was trading below its 20-day exponential moving average (EMA) and 50-day small moving average (SMA), indicating weakening demand.
The 20-day EMA, which measures the average closing price over the last 20 trading days, and the 50-day SMA, a longer-term indicator that tracks the asset's average closing price over the past 50 days, are used to gauge an asset's recent price trend. When an asset's price trades below these key moving averages, it suggests that selling pressure is outweighing buying activity, and traders might interpret this setup as a signal for further downward movement.
FET Price Prediction: Token May Revisit Two-Month Low
Readings from FET's moving average convergence/divergence (MACD) indicator showed that its MACD line (blue) was below its signal line (orange) and was set up to breach its zero line.
When this indicator, which tracks an asset's trend direction and potential price reversal points, is set up this way, it indicates that buying pressure is weakening and a sustained price decline is likely.
If FET continues to witness a decrease in demand, its price may fall to a two-month low of $0.70.
However, if market sentiment shifts from bearish to bullish, FET's price may initiate an uptrend and rally toward $2.09.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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