Fetch.ai (FET) Crypto Saw an Interesting Development Recently as a Prominent Crypto Whale Swapped a Significant Number of Shiba Inu (SHIB) Tokens
- PHPzOriginal
- 2024-09-01 21:06:301098browse
The whale swapped over 255.6 Billion SHIB tokens valued at $3.11 Million for Artificial Superintelligence Alliance (FET) tokens.
A prominent crypto whale has recently swapped a significant number of Shiba Inu (SHIB) tokens for Fetch (FET) tokens, attracting attention in the crypto community.
According to a tweet from @spotonchain on May 25, an early SHIB whale shifted his losing position to FET. The whale swapped over 255.6 Billion SHIB tokens, valued at $3.11 Million, for FET tokens. However, the whale still held SHIB valued at $10 Million.
During the whale activity, the FET price increased by 14%. To provide context, the whale has been holding SHIB tokens since December 2021. It was later revealed that the unknown whale began actively trading SHIB between 21 February and 22 June, making a profit of $145 Million.
However, the investor later faced an unrealized loss of $11.51 Million. As a result, he decided to recover some losses by swapping his position.
From a technical perspective, the FET daily chart structure appeared positive. Last week, FET showed a range breakout, sparking a bullish reversal. However, the bulls failed to cross the 100-day EMA mark and revisited the support region of $1.
During the intraday hours, the FET price remained green above the 20-day EMA mark at $1.16, showing an increase of over 3.71%.
Moreover, the trading volume surged by over 23%, reaching $237.49 Million, indicating a rise in investor activity.
The FET coin price displayed fresh bullish swings as it exited the falling channel pattern. It has increased by over 50% in the past two weeks.
FET’s technical indicators showed a rise in buying pressure. The Chaikin Money Flow (CMF) indicator was seen rising in the positive territory, indicating an increase in capital inflows.
The surge in buying momentum around FET was also evident in the RSI. The index stood at 56 at press time, indicating bullish momentum.
According to IntoTheBlock, the Global In/Out of the Money data showed that around 48.66% of FET holders were in the green, based on the current price levels. In contrast, more than 40% of addresses had unrealized losses.
This highlighted the overall market health and the gains most participants experienced during past price increases.
Despite the price gain, the Futures Open Interest (OI) declined by over 3.20%, reaching $54.27 Million. It showed signs of short-covering activity that might continue to drive the price up.
Considering the bullish chart structure, if FET manages to sustain above the 20-day EMA, it could rise to $1.80, followed by the $2 mark in the upcoming sessions.
On the other hand, if it fails to hold the $1 mark, the crucial pivot of $0.92 may act as the support zone, followed by the $0.800 mark.
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