FET signals a bullish reversal pattern

Investors at Fetch.ai are optimistic that FET will draw out a reversal pattern on the chart. A bull run is likely to be triggered following Bitcoin Halving, considering the correlation is 0.85. Most importantly, whales have demonstrated a shift in their sentiments from HODLing to accumulation in the last  2–3 days. They have increased their collective holdings by $59 million.

Addresses holding between $100k and $10 million worth of tokens indicate that a positive rally is imminent. The strength of their increase suggests that the rally may occur sooner than anticipated. Although a detailed discussion on a tentative timeline has yet to occur, the impacts may become observable in the near future and produce significant outcomes by the end of 2024.

Bitcoin Halving carries the flag to largely influence the price of FET. Halving has practically slashed miners’ rewards and controlled BTC circulation supply. As a result, the token’s listed value has increased. Not just FET, but every other crypto in the market is poised to see the impact of Halving in the times to come.

FET is more likely to bag a rise due to its double-bottom pattern, which is characterized by two consecutive troughs at the same level. That indicates that there is potential for a reversal trend. FET has not validated the pattern, though. The token is fresh from marking a breakthrough at $2.28, which was defined as the neckline. If FET falls below that margin, it invalidates the theory and makes a run for the bearish trend.

As a point of reference, FET is currently trading at $2.43 during the drafting process. That’s a drop of 2.49% in the last 24 hours, but a rise of 15.93% in the last 7 days. Fetch.ai price prediction estimates that FET will maintain the momentum till the end of this decade, that is, by the end of 2030. The 24-hour volume has dropped 4.03%, and the market cap has lost 2.94% at the moment.

Investors are confident about the upcoming rally on Fetch.ai. They simultaneously hold the  key to pushing for the growth of the ecosystem. Whales marking a heavy accumulation amid the shift in their sentiments only makes it more evident.

Two factors remain intact, likely to cause a surge in FET. These are Bitcoin Halving and the correlation with Bitcoin. Bitcoin Halving will have a macro-impact on the crypto sphere. The correlation with Bitcoin, on the other hand, will have a specific implication for Fetch.ai and its native token.

A surge is expected, considering BTC has started to climb the ladder. It has grown by 0.34% in the last 24 hours. ETH, as the best altcoin, is now demonstrating a bull run, but it could be due to the absence of the official word on its ETF.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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