Analyzing FET's Price Surge: Pathway to $0.50 and Beyond

The price of FET has been influenced by large whale trades, increased exchange outflows, and leverage in trading.
Anticipated price targets for FET are around $0.45, $0.50, and $0.60.
Artificial Superintelligence Alliance's FET has seen over an 11% increase in the last 24 hours, according to CoinMarketCap.
FET outperformed other AI cryptocurrencies with a weekly gain of 79%, accompanied by a daily volume spike of 7%.

Key Takeaways

The price of FET has been influenced by large whale trades, increased exchange outflows, and leverage in trading.
Anticipated price targets for FET are around $0.45, $0.50, and $0.60.
Artificial Superintelligence Alliance's FET has seen over an 11% increase in the last 24 hours, according to CoinMarketCap.
FET outperformed other AI cryptocurrencies with a weekly gain of 79%, accompanied by a daily volume spike of 7%.

FET

FET Price Overview

FET successfully broke through the $0.30 resistance level and climbed slightly above $0.45, though it encountered an immediate setback that prompted a retest of this key level. The cryptocurrency maintained its position above this threshold and quickly reversed its course upward.

On the analytics front, the Trend Strength Index was above the neutral line and moving toward 1, indicating strong buying momentum pushing FET’s price higher. Additionally, the On Balance Volume (OBV) stood at $2.05 billion and was on the rise, reinforcing the bullish sentiment.

FET
Source: TradingView

Looking forward, FET is set on reaching the $0.45 mark. A successful breach of this resistance could propel FET to $0.50 or even higher, with the next noteworthy target at $0.60. Conversely, should the altcoin fail to maintain its upward trajectory, it may enter a bearish market phase.

Influential Factors Behind the Price Action

Surge in Whale Orders and Exchange Outflows

Since the middle of October, there has been a notable rise in exchange outflows, averaging around 30 million FET being withdrawn. The most significant outflow occurred on November 7, when 88 million FET were moved off exchanges. However, recent data suggests a decline in the rate of withdrawals, indicating a possible slowdown in the bullish momentum.

FET
Source: CryptoQuant

The substantial outflow, exceeding 88 million FET, was a catalyst for the price increase toward $0.45. Additionally, exchange reserves have been consistently decreasing, currently at 487 million FET, down from a high of 578 million recorded on October 14.

Moreover, both the futures and spot markets have seen a rise in substantial orders, which began to increase in October despite declining prices at that time. This influx of whale orders has led to the recent upswing in the price of this AI token.

Long Leveraged Orders Outdo Shorts

The derivative markets have also played a crucial role in FET's price spike. According to CoinGlass data, long positions in the market significantly outnumber short positions, with $2.5 million in long liquidations compared to $1 million for shorts. Buyer orders showed leverage of 10x, 25x, and even 50x, while shorts were primarily filled with just 5x leverage. As a result, long positions were 2.5 times greater than shorts.

FET
Source: CoinGlass

In summary, the recent price movement of FET has been significantly propelled by leveraged long positions, major whale orders, and exchange outflows that signal increased accumulation among investors.