Surge in FET Crypto Trading Volume; What’s Coming Ahead?

• The FET crypto has witnessed huge long liquidation in the last 24 hours.
• The Fetch.ai price is trading at a very crucial resistance level.

Fetch.AI (FET) is a crypto project that uses AI and blockchain to create a decentralized world of autonomous agents. FET is the token that powers the platform and rewards the users. Fetch.AI aims to optimize and automate various tasks and sectors with its innovative technology.

The FET crypto is witnessing a strong presence of buyers as the market cap of the crypto has risen by 10.5% in just the last 24 hours. The trading volume of the crypto has also increased by 195%, resulting in a =volume of $307.212 Million. 

Moreover, the volume ranking of the FET crypto is #34, as per CoinMarketCap. This further results in a volume/market cap ratio of 60.83%. The market cap dominance of the crypto has also risen to 0.038%.

Fetch.ai Crypto Derivatives Analysis

Followed by the increase in the spot trading volume, the derivatives volume has also risen by 283% in the last 24 hours. According to Coinglass, the crypto has witnessed a huge long liquidation of $478.57K against the short liquidation of $315.04K. The open interest of the crypto has also increased by 49%, resulting in $68.96 Million.

Fetch.ai Crypto Token Overview

Fetch.ai has a circulating supply of 824.092 Million FET and the total supply of the crypto is 1.152 Billion FET. Moreover, the fully diluted market cap of the Fetch token is $668.044 Million and it currently has 54.8K holders.

FET Technical Analysis

The FET crypto is making a higher high structure on the weekly chart and has broken above the crucial resistance level. This has resulted in a change of character of the market and the trend of the crypto is now bullish.

FET/USD Chart by TradingView

On the daily trading chart of the FET crypto, the price has risen above the rolling VWAP and crucial EMAs such as the 50-day and 200-day EMAs. Moreover, the EMAs are forming the golden cross pattern on the charts.

The MACD is building negative blocks on the chart, indicating a subtle decline in the trend. Although the signal line is situated above the zero level, the behavior of the MACD indicator might be denoting the possibility of retracement in the price.

Conclusion

FET is a promising crypto project that leverages AI and blockchain to create a decentralized world of autonomous agents. The FET crypto is showing strong bullish signs and it has the potential to reach new highs in the future. This is because the indicators are giving a buy signal and the price is also following a bullish market structure.

Technical Levels 

• Support levels- $0.0550 and $0.1700
• Resistance levels- $0.9030 and $1.1900

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.