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FET’s recent performance has outshone major cryptocurrencies, indicating a strong bullish trend amidst fluctuating market conditions.
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This surge is backed by increased trading volume and significant long positions from traders, showcasing confidence in FET’s potential.
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“FET appeared bullish, with long-term holders and traders going long,” noted Coinglass, reinforcing the positive sentiment surrounding this altcoin.
FET’s price rallies as it outperforms Bitcoin and Ethereum, with traders showing strong bullish sentiment amid rising trading volumes.
FET crypto outperforms BTC, ETH
Amid ongoing market fluctuations, FET has recorded a remarkable 7.5% increase in value over the past 24 hours, significantly outperforming both Bitcoin (BTC) and Ethereum (ETH). This momentum has been accompanied by a notable 92.5% increase in trading volume during the same period, signaling heightened interest from both long-term and short-term traders.
As noted by on-chain analytics firm Coinglass, traders appear confident in FET’s potential, with many opting to open long positions as the cryptocurrency shows promising signs of stability and growth.
Market sentiment drives FET’s surge
Recent data regarding spot inflow/outflow trends reveal that cryptocurrency exchanges have experienced an outflow of nearly $1 million worth of FET tokens within 24 hours. This outflow of FET assets from exchanges to private wallets is considered a bullish indicator, typically associated with increased buying pressure and price appreciation.
Furthermore, the noticeable accumulation of FET by long-term holders, coupled with the bullish betting trends among traders, reflects a rejuvenated interest in the altcoin. Coinglass’s Binance Long/Short Ratio currently stands at 4.06, demonstrating a substantial tilt towards long positions among traders.
Source: Coinglass
Moreover, statistics indicate that a significant 80.23% of top traders on Binance established long positions, whereas only 19.77% opted for shorts, underscoring the prevailing optimistic sentiment towards FET.
Technical analysis and key levels
In terms of technical analysis, FET has successfully broken out from a previous period of consolidation—recent analyses indicate a shift towards an upward trajectory. Specifically, FET has retested the 200 Exponential Moving Average (EMA), a crucial indicator suggesting that the breakout has been solid and that upward market momentum may continue.
Source: TradingView
Analysts believe that based on current trends and breaking price action, FET could see a surge of up to 30%, potentially reaching the $2.05 level soon. With a relative strength index (RSI) at 56, it suggests that the asset is not yet overbought, leaving room for further upward movement.
Conclusion
In summary, FET’s recent performance reflects strong market interest and bullish sentiment among traders. With key metrics indicating sustained confidence and technical analysis supporting further price growth, FET presents a compelling case for investors looking to capitalize on the current bullish momentum.
