Journalist
Posted:
- Fetch.ai was ranked #1 on Galaxy Score’s list of cryptos.
- The FET is down 3% in the past 24 hours and indicators look bearish.
While overall crypto market volatility remained low, Retrieve.ai [FET] behaved differently during last week’s rally. The pump allowed FET to increase its value by double digits. Considering the latest data, investors can rest easy as the possibility of a sustained uptrend is likely.
Read Get.ai’s [FET] Price Prediction 2023-24
In addition to FET, quite a few other AI and big data tokens also looked bullish. Is market interest in AI tokens growing again?
Fetch.ai bulls are here
The bulls stepped up their game last week as they increased the price of FET by a significant amount. According to CurrencyMarketCapThe price of Fetch.ai rose more than 22% last week, which was encouraging.
A look at FET’s on-chain stats revealed what supported the uptrend. The uptick was accompanied by an increase in trading volume. Thanks to the price increase, FET’s MVRV ratio went up significantly.
From CryptoQuantNet FET deposits to exchanges were low compared to the past seven-day average, suggesting that buying pressure has increased. In addition, outflows from the FET exchanges were also high, indicating that investors were accumulating more tokens in hopes of a continued uptrend.
Considering the latest data, investors’ expectations may well be fulfilled in the coming days.
Source: Plumbing
FET Continues Its Rally?
LunarCrush’s data showed that FET was number one in Galaxy Score’s list of the top 15 cryptos. A high Galaxy Score means there is a good chance that an asset’s price action will turn bullish. Therefore, it seemed likely that the FET would continue its rally. However, the reality on the ground was different when FET growth stalled.
TOP 15 coins from @LunarCRUSH Galaxy score
Galaxy Score is a proprietary score that continually measures crypto against itself with respect to the community metrics pulled in from all over the internet$FET $NAKA $DYDX $LINA $OCEAN $SNX $ENJ $TOMO $CELO $ FAST $ALGO $SFP $ UNI $UNFI… pic.twitter.com/l6gqwxUecr
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) September 3, 2023
According to CoinMarketCap, despite a high Galaxy Score, the FET is down more than 3% in the past 24 hours. At the time of writing, it was trading at $0.2545 with a market cap of over $208 million.
Whales’ confidence in FET also declined, as evidenced by the slight decline in top address supply. In addition, the number of whale transactions increased while the price of FET rose. This, coupled with a decline in the supply of prime addresses, meant that the whales expected a market spike when they sold their holdings.
Source: Sentiment
How many Worth 1,10,100 FETs today
Investors can expect this…
A look at FET’s daily chart suggested that investors should exercise caution. Fetch.ai’s Relative Strength Index entered the overbought zone and then registered a decline, meaning the price trend could change. The On Balance Volume also decreased, increasing the chance of a price correction in the coming days. Nevertheless, the MACD still favored the bulls.
Not only FET, but also market interest in AI and big data tokens has declined recently. This was revealed by CoinMarketCap’s facts,which showed that the trading volume of AI and big data tokens fell by more than 38%.
Source: TradingView