FET Crypto Soars: Outperforming Market with 7.5% Surge

FET crypto outperformed BTC, ETH, and other key assets with a 7.5% upside momentum in the past 24 hours. It is making waves in the cryptocurrency realm following the formation of bullish price action and a recent price rally. FET nears the $100,000 mark yet again with an impressive 1.36% upside momentum, while other cryptocurrencies seemed to struggle. Amid this market uncertainty, FET has noted a 7.5% upside momentum in the past 24 hours.

This led to a significant increase of trading volume by 92.5% in the same period. According to the on-chain analytics firm Coinglass, FET appeared bullish, with long-term holders and traders going long. Data from spot inflow/outflow revealed that exchanges have witnessed an outflow of nearly $1 million worth of FET tokens in the past 24 hours. In cryptocurrency, outflow refers to the movement of assets from exchanges to wallets, considered a bullish sign. This can create upward momentum and increase buying pressure on the asset. In addition to the recent accumulation by long-term holders, traders have also shown significant interest in the altcoin, making notable bets on the long side. Coinglass’s Binance Long/Short Ratio was 4.06 at press time, reflecting strong bullish market sentiment among traders. Data further reveals that, in the past 24 hours, 80.23% of top traders on Binance built long positions, while 19.77% built short positions. According to AMBCrypto’s technical analysis, FET has recently broken out of a tight consolidation zone and has begun moving upward. The asset has retested the 200 Exponential Moving Average (EMA), suggesting a successful breakout and potential upside momentum. Based on the recent price action and technical analysis, there is a strong possibility that FET could soar by 30% to reach the $2.05 mark in the near future. Additionally, FET’s Relative Strength Index (RSI) was 56 at press time, indicating it was below the overbought zone and hinting at further upside momentum in the coming days

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