Can FET crypto trade past $3.48? Analyst weighs in

FET crypto has witnessed an 11.92% increase in price and a 138.25% spike in trading volume over the past 24 hours.

FET crypto has registered an 11.92% price hike and a 138.25% trading volume spike over the last 24 hours. This builds on the bullish outlook previously detailed by AMBCrypto.

The significant uptick in FET’s value serves as a strong bullish indicator, suggesting that reaching, or even surpassing, the $3.48 mark may be close at hand.

This outlook is supported by insights from analysts, who cite various key on-chain metrics.

Can FET trade past $3.48? Analyst weighs in

Acclaimed crypto analyst Doctor Profit, known as ‘Doctor’ among his followers, recently shared his bullish outlook for FET. In a recent tweet, he outlined four key factors that could propel FET to achieve a staggering 312.43% gain in the upcoming days, provided current price actions maintain their course.

A chart he provided visually emphasizes his predictions, suggesting that the current setup is one of the most promising in the cryptocurrency market today.

Highlighting key price levels for taking profits and labeling the chart as “one of the best looking charts” in the current landscape, Doctor outlined his analysis.

While he holds a long-term optimistic outlook, with FET potentially trading at $3.48, this forecast is based upon several fundamental factors, including Bitcoin’s performance and other variables that could either hold up or hinder FET’s rise to new highs.

In contrast, a short-term analysis by AMBCrypto suggests that FET is more likely to peak at $1 soon.

Rising interest among traders and growing scarcity

Both Netflow and Open Interest indicate strong bullish sentiment in the market, according to data from Coinglass.

Open Interest has spiked by 29% over the past 24 hours, amounting to an increase of $38.8 million. This significant rise suggests that numerous traders are willing to pay a premium to maintain their long positions.

A strong bullish indicator, this suggests that traders are betting on FET to continue rising in the coming days or weeks.

However, spot exchange Netflow has shifted to negative. A negative net flow—more FET being withdrawn from exchanges than deposited—diminishes the available supply of FET on exchanges.

This scarcity can drive the price of FET higher, as less of the token is readily available for sale.

FET scarcity meets growing market participation

Despite a noticeable scarcity of FET on exchanges, interest among market participants continues to grow.

A close examination of the realized price reveals that the last time FET traded at its current price level was in August 2022. At the time, the token’s price quickly surged upward.

Data from Santiment reveals a substantial increase in the number of active addresses since August 17, as indicated by the grey line in the accompanying image.

A significant rise in active addresses coupled with a reduced circulating supply of FET on exchanges suggests a strong potential for increased demand.

If the number of active addresses continues to grow alongside a high outflow of FET, this could serve as a necessary catalyst, potentially driving the price to its nearest high point on the analyst’s chart.