FET Crypto Highlights Bullish Outlook, Can It Surpass $3.50 Mark?

• 1 The volume and price of FET were initially low but increased sharply in February, indicating growing interest, and Active addresses suggesting higher demand. 
• 2 Development activity and commit count for FET have increased, indicating positive future prospects.

The Bulls have demonstrated impressive progress in the FET cryptocurrency. It has mostly been bullish since February 2024 and peaked at $3.50 by forming a higher high structure by the end of March 2024.

During the first and second weeks of April, the price experienced a correction as bears attempted to intervene. They were unsuccessful by the second week, and failed to push the market more downwards in their favor. Meanwhile, the support was established at $1.80, and starting from the third week of April, the price rose slightly after stabilizing at this level.

FET Crypto Volume Analysis

The Fetch chart presents the correlation between the volume and price. Per the Santiment chart, both the asset volume and price were relatively low in mid-February 2024, indicating a lack of interest and activity. The volume mostly remained under $100 million, and the price hovered around $0.60 in that period.

However, from the third week of February, volume and price continued to rise abruptly, indicating increased demand and excitement about FET crypto price. The trading volume exceeded $200 million to $1.36 billion and the price rose drastically from $0.60 to $3.45 by March 29th, 2024. It later dropped to $150 million by the second week of April 2024.

In the third week of April 2024, the FET price vs volume chart describes an increase in volume along with the price rise. That suggests the continuation of the ongoing trend. 

FET Crypto Active Addresses Analysis

Active addresses refer to unique addresses of FET crypto users that participate in one or more transactions within a given timeframe. The number of distinct addresses in the FET crypto that participated in a transfer for the given asset in the past 24-hour window is 1233 transactions, and the 7-day window is 7851 transactions.

It illustrates that more people are using and trading FET crypto, which implies a higher demand and value, as the active addresses of Fetch cryptocurrency are increasing over time. 

On Chain: The transaction volume ratio of the FET Crypto in daily profit to loss

Since the volume of loss in the FET crypto is high and the ratio is below 1, it means that most holders were in an unfavorable position, and their sentiment and behavior may be more likely to buy more.

Likewise, regarding the trend and momentum of FET, it also shows that the volume in loss is increasing, and the ratio was falling, which meant that the FET token was in a downtrend and was losing momentum as more holders were becoming unprofitable.

Recently, the ratio reached 0.936; the ratio’s value surge means that the crypto is recovering as the price dip appears to be an excellent opportunity for major whale buyers.

Therefore, if the ratio increases above 1, the portfolio of most holders will start to turn red to green, and the volume of profit will start increasing. A bullish rally will be observed in the later sessions.

Total Supply in Profits and Percentage of Supply in Profit of Fetch Evaluation

The FET crypto market hype can be measured by analyzing the percentage of Total Supply in profit, which is currently at 89.863. This metric is calculated by comparing the total supply in profit earned for a given asset with the total circulation of the Fetch asset, expressed as a percentage.

The total supply in profit for FET is currently at 1.03 billion, which means that this is the overall amount of FET assets that were bought at a lower price than the current market price of Fetch. This metric is useful for understanding the market sentiment and investor behavior regarding the FET token. It can help traders make informed decisions about when to buy or sell the asset.

Development Activity is on the Boost in FET Crypto

The Fetch crypto allows for tracking weekly developer activity, with a focus on healthy activity. It is achieved by monitoring the contribution of developers to the commit count. Moreover, the goal is to ensure that the developer’s activity is consistent and of high quality. 

In the same way, FET crypto has seen a significant increase in developer activity and commit count over the last three months. Similarly, it is valuable information that can be used to make informed decisions about the future of FET crypto and its development.

Technical Point Of View Over Daily Chart

At press time, the FET is trading at $2.45 with an intraday surge of 1.33% and $213.40 million 24-hour volume on major tradeable platforms.

Therefore, the price action highlights that the price is optimized for a more spectacular rally in the coming session. Similarly, if the bulls push the market strongly, the FET could surpass the supply of $3.50, and in the meantime, the in-between resistance would be $3.00.

However, if the FET fails to hold on to critical support of $1.80, the bears will intervene strongly and push the market downwards to the lower depths.

The Bulls have demonstrated impressive gains by Sam_TCR on TradingView.com

Summary

The FET cryptocurrency has shown significant progress, with prices reaching $3.50 in March 2024 after a bullish trend. Bears attempted to intervene in April but failed, with support established at $1.80. The volume and price of FET were initially low but increased sharply in February, indicating growing interest. Active addresses in FET have also increased, suggesting higher demand. 

The FET ratio recently reached 0.936, signaling a crypto recovery with a price dip as a major buyer opportunity. When the ratio exceeds 1, holder portfolios will turn green, increasing profits and leading to a bullish rally. FET’s Total Supply in Profits stands at 89.863, with 1.03 billion FET assets in profit. Development activity and commit count for FET have increased, indicating positive future prospects. FET is currently trading at $2.45, showing potential for a rally toward $3.50, but risks a drop below $1.80 without strong support.

Technical Levels

Support Levels: $1.80

Resistance Levels: $3.50

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.