FET Consolidates in Accumulation Zone as Investors Eye $350 Million in Profits

08/12/2024 21:30

FET price could be looking at increase if the current accumulation signal aligns with rising demand for profits.

Artificial Superintelligence Alliance (FET) price could be looking at gains in the coming days if the demand rises.

The FET investors are waiting for the price to go up again, as this would bring them significant profits.

Artificial Superintelligence Alliance’s Next Move

FET price at $0.85 is under the resistance of $0.90, a level that has been holding the altcoin back for the past week. As the Global In/Out of the Money (GIOM) indicator shows, a rise above this could lead to investors churning profits.

According to this indicator, about 396.68 million FET worth a little under $350 million could see profits soon. The supply bought between $0.86 and $1.19 would turn completely profitable after the FET price hits $1.20.

This condition is not too far away but at the same time far away enough to delay the profits.

However, this does not change the potential forthcoming profits, which has placed the altcoin in a bullish zone based on the Market Value to Realized Value (MVRV) ratio. The MVRV ratio evaluates investor profit and loss.

At present, the altcoin’s 30-day MVRV is at -22%, signaling losses and potential buying pressure. Historically, FET MVRV between -11% and -24% typically indicates the beginning of rallies, marking this area as an accumulation opportunity zone.

Thus, demand and accumulation combined could push FET prices higher.

FET Price Prediction: Breaking Barriers

FET price is currently consolidated between $0.90 and $0.85, and the upper limit needs to be breached for the altcoin to rally further. Should investors focus on accumulation, there is a high chance of this happening.

If this barrier is breached, the altcoin would face resistance at $1.04, which is known to be a crucial support floor. Flipping it would enable a further rally for FET and turn the aforementioned supply profitable.

However, if the demand is not strong enough to push the altcoin beyond $1.04, it will experience sideways movement. If this continues, the bullish thesis could be invalidated.

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