FET, API3, CYBER, 4 Others Help Market Maker Smile to the Bank

Over the last 30 days, market maker DWF Labs has bought and made profits off several tokens. Some of the tokens that gave DWF Labs incredible gains include Fetch.ai (FET), CyberConnect (CYBER), and API3.

According to Spot On Chain, the market maker deposited 1 million FET to Binance after the token surged by 20% in the last 24 hours. Although the firm still held about $3.34 million worth of FET, its total profit in the last month was about $6.59 million.

However, it was not these three tokens alone that gave the DWF those gains. Others included JasmyCoin (JASMY), Spell Token (SPELL), Litentry (LIT), and Prom (PROM).

Fetch.ai (FET)

From a technical aspect, DWF’s recent profit-taking seems to have affected FET’s price. According to the 4-hour FET/USD chart, the price dropped from $1.67 to $1.632. However, the Relative Strength Index (RSI) showed that FET might soon experience a drawdown.

This was because the RSI reading was overbought, indicating a likely pullback period. If more profit-taking comes in, FET could drop to $1.30. Meanwhile, the Bollinger Bands (BB) revealed that volatility around the cryptocurrency was high.

In a highly bullish case, FET could extend to as high as $3. However, a bearish presence has the potential to push down the price.

FET/USD 4-Hour Chart (Source: TradingView)

API3

At press time, API3’s 4-hour chart showed that the previous upward movement had become weak. As a result, the price dropped below the $4 threshold. In terms of the Exponential Moving Average (EMA), Coin Edition observed that the 20-day (blue) and 50-day (yellow) were around the same spot.

This was a clear indication that there were as many bears as there were bulls. If the 20 EMA crosses over the 50 EMA, API3’s price could rise toward $4.50. However, failure to do that could leave the token consolidating. From a bearish perspective, the price could slide down to $3.50.

API3/USD 4-Hour Chart (Source: TradingView)

CyberConnect (CYBER)

CYBER’s market structure was different from that of FET and API3. Within the first few hours of March 1, CYBER’s price jumped from $8.98 to $10.86. Furthermore, indications from the Awesome Oscillator (AO) indicated that the value might still go higher.

At press time, the AO reading was positive, suggesting increasing upward momentum. If buying pressure increases, CYBER might produce another bullish, engulfing candle. This time, the price could jump as high as $15.

CYBER/USD 4-Hour Chart (Source: TradingView)

Like the AO, the Chaikin Money Flow (CMF) also trended upward. This movement implied positive capital flow into CYBER. However, the CMF reading of 0.22 could indicate that the token might be overbought. If buyers get exhausted, the price might retrace. If not, a higher jump could happen in the short term.