Unprecedented Surge: FET Crypto Market Sentiment and On-Chain Data Fuel Another Rally?

FET crypto eyes another 30% rally – Can it happen?

The cryptocurrency market has been witnessing some unprecedented price actions lately, and FET is no exception. After a significant surge of 7.5% in the past 24 hours, FET has left many market enthusiasts questioning its potential for further growth. In light of this sudden upswing, I will analyze the current market conditions to gauge the possibility of another 30% rally.

FET’s recent price action is nothing short of astonishing, with an unprecedented surge that outperformed Bitcoin and Ethereum. This begs the question: what could be driving such a stark increase in value? One possible explanation lies within its market sentiment and on-chain data. According to Coinglass, long-term holders and traders have become increasingly optimistic about FET’s future prospects, leading to a significant accumulation of tokens.

Furthermore, exchanges have witnessed an outflow of nearly $1 million worth of FET tokens in the past 24 hours, which is typically a bullish sign as it signals increased buying pressure. Additionally, data from Coinglass indicates that an overwhelming majority (80.23%) of top traders on Binance have opted for long positions, while only a minor percentage (19.77%) chose short positions.

From a technical analysis standpoint, FET has recently broken out of its consolidation zone and is now retesting the 200 Exponential Moving Average. This development further underscores the asset’s potential to continue moving upward.

While many may be hesitant to bet on another 30% rally given the market’s volatility, I believe that such an outcome is entirely plausible. With FET’s RSI currently below the overbought zone at 56, it hints at further upside momentum in the days to come.

Source: ambcrypto.com