FET Price Analysis: What’s Next After a 30% Jump in Three Days?

FET has broke above a key trendline resistance and could fuel more rally. However, short-term bearish bets hiked and could delay the recovery

FET price analysis: What’s next after a 30% jump in three days?

FET has broken above a key trendline resistance and could fuel more rally. However, short-term bearish bets hiked and could delay the recovery.

FET’s price action has been in the limelight over the last week as its value submerged in double digits. The better news was that it was once again approaching a crucial resistance level.

According to a recent report by Santiment, revealed that FET registered an over 15% price hike last minute. The last 24 hours were also bullish as the token’s price increased marginally. At the time of writing, FET was trading at $1.60 with a market capitalization of over $4 billion.

Our analysis of Santiment’s charts revealed quite a few interesting updates. As per our analysis, FET’s supply on exchanges increased while its supply outside of exchanges dropped. This clearly indicated that investors were selling the token.

Apart from that, we also found that the token’s weighted sentiment dropped, meaning that bearish sentiment around FET increased in the market. Nonetheless, its social volume remained relatively stable, reflecting its popularity in the crypto space.

FET’s technicals hinted at a possible price correction. We found that the Chaikin Money Flow registered a downtick. This indicated that there were chances of a price correction. However, the MACD remained in the buyers’ favor as it displayed a bullish crossover.

If FET’s bulls take over, then it might drop to $1. But if the uptrend continues, then it will open a clear path for the token to touch $3 in the coming weeks.

Dipayan Basu is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.