- The 3M FET deposit on Bitget signals upcoming liquidation operations that decrease FET prices in the market.
- FET shows bearish characteristics based on its RSI value of 37.93 and weak MACD signals yet there is a possibility for price recovery above 40 RSI.
- FET faces potential decline below $0.5900 during continued selling pressure yet will likely rise towards $0.7000 if it breaks above $0.6564.
A major development in the FET market involves DWF Labs, which recently deposited 3 million FET tokens ($1.82 million) into the Bitget exchange after five months of inactivity. These tokens were originally received from the Fetch.AI Foundation on September 3, 2024, when FET was priced at $1.185 per token.
Over time, DWF Labs has transferred a total of 5 million FET tokens to both Binance and Bitget at an average price of $0.987, which represents a 16.7% loss from their acquisition price. Despite these sales, the firm still holds 5 million FET tokens, currently valued at approximately $3.04 million.
FET Selling Pressure: Key Support Levels to Watch
DWF Labs’ recent deposit could indicate potential selling pressure, which may contribute to further declines in FET’s price. Large-scale transfers to exchanges are often interpreted as a sign of impending sell-offs, as traders move tokens to liquidate holdings.
The Fetch.AI native token FET trades at $0.6073 without showing any signs of improvement after experiencing a 4.7% dip during recent trading events. Over the past 24 hours FET prices soared between $0.5987 and $0.6564 before dropping back to its current value at $0.6073.
Market participants demonstrate caution because additional price declines might challenge support zones at $0.5900 and potentially reach $0.5500 if market selling persists.
FET Struggles for Momentum as Technical Indicators Show Weakness
The Fetch. AI(FET) token maintains an ongoing struggle to recover momentum through recent price lows reaching $0.550.The MACD line is slightly below the signal line, with a -0.074 histogram, signaling weak momentum and a mild bearish trend.
Meanwhile, the RSI stands at 37.93, hovering near oversold territory.This suggests that while selling pressure remains, a potential rebound could be on the horizon if buyers step in. However, the overall trend remains bearish, and FET needs to break above 40 RSI to signal a possible shift toward recovery.
Potential Future Scenarios
An intensified selling pressure could push FET below $0.5987 support and lead to a price drop reaching $0.5500 or lower levels. The selling pressure might allow FET to recover up to $0.6564 in value if buyers successfully step forward to absorb this decline. The price has the potential to rise to $0.7000 level if it surpasses current resistance boundaries.
