- DWF Labs has deposited FET tokens worth thousands of dollars on ByBit
- Selling pressure on FET was high and market indicators were bearish
Collect.ai [FET] had a comfortable week as the price rose by a promising margin, allowing investors to enjoy profits. However, DWF Labs later deposited a significant number of FET tokens on an exchange, after which FET’s price action changed direction. Will the recent deposit increase selling pressure on FET in the coming days?
Realistic or not, here it is FET market cap in BTC conditions
Fetch.ai is witnessing high selling pressure
CoinMarketCaps facts revealed that the price of FET has risen more than 3% in the last seven days, which looked quite optimistic. However, as the token’s price rose, Lookonchain’s data revealed a sell-off.
According to the tweet, DWF Labs has deposited 200,000 FETs worth over $45,000 into ByBit. After the deposit, DWF Labs still had FET tokens worth over $1.7 million in its portfolio.
DWF laboratories(@DWFLabs) 200K deposited $FET($45K). #Bybit 15 minutes ago.
And currently has 7.8 million $FET($1.76 million) left.https://t.co/LfFFhtbumi pic.twitter.com/AF1t505nvR
— Lookonchain (@lookonchain) October 3, 2023
It was interesting to note that after the deposit, FET’s price action started to decline. In fact, in the past 24 hours, Fetch.ai’s value has fallen by more than 3%.
At the time of writing, FET was trading at $0.2192 with a market cap of over $178 million.
A closer look at Santiment’s data showed that selling pressure continued FET was high. This was clearly evident from the increase in supply on the exchanges, while supply outside the exchanges decreased. However, the larger crypto market still had confidence in FET as the total number of holders increased slightly last week.
Moreover, whales were actively trading FET last week as the number of whale trades increased. Not only did whales trade FET, they also bought more tokens as the supply of FETs at top addresses increased.
Source: Santiment
The price drop also affected some other key metrics of the blockchain. For example, the MVRV ratio recorded a decline in the last 24 hours. The speed of the FET also decreased. This meant that FET was used less frequently in transactions over a given time frame.
Source: Santiment
How many Worth 1,10,100 FETs today
Moving forward
Apart from the metrics, the token’s market indicators also turned bearish. Fetch.ai’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) both fell below the neutral line.
The Money Flow Index (MFI) was also significantly low, increasing the likelihood of a continued downtrend. Nevertheless, FET‘s Bollinger Bands indicated that FET’s price was in a less volatile zone, which could prevent the token price from falling at an unprecedented rate.
Source: TradingView