Crypto Whales Stacking Fetch AI Tokens: Will it Trigger a Price Bounce?
Crypto whales have been accumulating Fetch AI (FET) tokens, leading to speculation of a price bounce. This article explores the impact of increased whale demand on FET prices and its potential connection to the performance of NVIDIA stock.
Posted 10 months ago in Altcoins
Crypto whales have been spotted accumulating a significant amount of Fetch AI (FET) tokens this week, raising the question of whether it will lead to a price bounce. FET's current price sits at $0.21, down 20% from its monthly high of $0.27 on September 3. However, on-chain data suggests that the increased whale demand, coinciding with a bounce in NVIDIA stock prices, could potentially impact FET prices.
Fetch.ai is an artificial intelligence (AI) cryptocurrency protocol that offers permissionless, decentralized machine learning services. Morgan Stanley recently labeled NVIDIA as a "buying opportunity," which may have influenced the whale investors to stack up FET tokens. These whales, holding between 1 million to 10 million FET, aggressively bought 18 million tokens this week.
The surge in whale demand has also sparked confidence among retail investors, as evidenced by a noticeable influx of FET purchase orders on crypto exchanges. Active orders to buy 33 million FET have been placed, surpassing the 30 million FET currently up for sale. The market demand for FET has exceeded supply by more than 3 million tokens, indicating that the whales' buying pressure has uplifted market sentiment.
If NVIDIA stock breaks its downtrend, it could further boost investor confidence in Fetch.ai and the broader Crypto AI sector. From an on-chain standpoint, there is a potential for the FET price to recover to $0.30 if the whales continue their buying spree into October. The Global In/Out of Money Around Price (GIOM) data supports this prediction, showing that if Fetch.ai surpasses the resistance at $0.26, a bullish wave toward $0.30 could be possible.
However, a drop below $0.15 could invalidate the positive prediction, although the dominance of bullish traders in the FET spot markets is likely to prevent a bearish downswing. It is important to monitor the whales' activity and the performance of NVIDIA stock for further insights into the potential price bounce of FET.
Last updated 9/27/2023, 7:19:41 PM
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