Fetch.ai (FET) Whales offset bearishness with substantial accumulations

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Written on Mar 16, 2024

Reading time 2 minutes

The alt dodged a potential 15% dip with limited downsides.
Purchases of over 18M FET coins by large-scale players prevented the decline.
Fetch.ai bulls plan steady upswing ahead of next week's AI conference.

Fetch.ai (FET) was among the altcoins that stole the show as AI cryptocurrency market cap skyrocketed to $24 billion. However, the latest corrections in the digital assets space weighed on all tokens.

Nonetheless, Fetch.ai avoided a potential 15% slide with a modest price drop. It displays stability after a 1.15% jump in the past day to trade at $2.65.

Whales rescue FET

Increased purchases by large-scale investors contributed to the limited price drop. Santiment shows Fetch.ai wallets holding 1 million to 10 million tokens have scooped around 18 million assets within the past two days.

The stash (worth over $50M) brought their overall balance to 327.82 million coins.

Thus, the FET price rebounded to $2.78 during this publication. The alt almost locked the $2.37 intraday low as the trading price before the dip-pocketed investors joined.

FET’s stability

Besides the Whale action, Fetch.ai has a reliable support barrier at $2.26 – the upper boundary of the range where investors bought around 394 million tokens (worth over $1.1B), according to IntoTheBlock.

Therefore, the alt will rebound from this footing should it drop further, as traders will likely refrain from profit-taking to avoid losses.

Moreover, FET showcases upward momentum on its 4-hour price chart, with volumes surging as players dip-buy. Analysts trust the upcoming AI conference might catalyze upswings toward the $3 mark.

$FET H4

Continues to impress on the 4 Hour ????#FET looking good since breaking downtrend, volume increasing, dips being bought. With a major #AI conference on the 18th, @Fetch_ai should do well.

On the $BTC flush today, FET bulls bought back the dip super fast, maintained… pic.twitter.com/tfq8k5GSx3
— Crypto Kindie (@CryptoKindie) March 15, 2024

FET price almost plunged to $2.37 before rebounding to its current value areas. That shows the alt retains some bullish momentum.

Further, it hovers beyond the 50-d Exponential Moving Average, securing itself from losing the support at $2.46.

Nevertheless, enthusiasts should watch actions in the broad crypto space as FET price remains susceptible to overall market sentiments.

A sudden bearish attack could see the token losing its footing at $2.46, which might send Fetch.ai prices to $2.26 and below, canceling the highlighted bullish narrative.