The Prediction of FET Price Increase
Investors in FET are eagerly anticipating a rise in prices, which could result in significant profits for them. The current price of FET is at $0.85, just below the $0.90 resistance level that has been a barrier in recent days.
Factors Driving the FET Price
One key indicator to watch is the Global Inflows/Outflows (GIOM) indicator, which suggests that a rise above the current resistance level could lead to profit-taking by investors. Approximately 396.68 million FETs (nearly $350 million) could become profitable once the price reaches $1.20.
On the other hand, the Market to Realized Value (MVRV) ratio for FET is signaling potential buying pressure, with a 30-day MVRV of -22%. This indicates losses but also hints at a potential rally on the horizon. Historically, MVRVs between -11% and -24% have been seen as opportunities for accumulation and a potential price surge.
Breaking Down Price Barriers
Currently, FET is hovering between $0.90 and $0.85, with the upper limit posing a challenge for further gains. Breaking through this barrier could propel the altcoin towards key support at $1.04, paving the way for further upside potential.
If demand remains strong and pushes FET above $1.04, the altcoin could see a significant uptrend. However, failure to surpass this level may result in sideways trading, potentially invalidating the bullish outlook.
Overall, a combination of increasing demand, favorable technical indicators, and potential accumulation could drive FET prices higher in the near future.
