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Fetch.ai (FET) price marked an all-time high earlier this month, and since then, it has been in consolidation.
Although the altcoin has attempted to chart a fresh high more than a few times now, there is a chance that FET might make it this time.
Fetch.ai Price Sees Support From Investors
Fetch.ai’s price has been in an uptrend for the past day and is closing in on breaching a crucial resistance level of $2.85. Flipping it into support would result in the altcoin pushing on towards the all-time high of $3.07.
In the process of charting highs, the support an asset receives from its investors is crucial, as optimism drives rallies while pessimism causes corrections. At the moment, FET is noting mostly optimism from its investors, who are expecting further increases in price.
One of the biggest signals regarding this comes from the whale addresses. These FET holders are some of the biggest wallet investors, and their actions tend to influence the direction of the price.
At the time of writing, the addresses holding between 1 million and 10 million FET tokens are largely accumulating. These investors have added over 21 million FET since the beginning of the month despite selling almost 26 million FET in a single day last week.
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In addition to this, retail investors are also seemingly expecting to make profits with the price rise. This is evident from the consistent decline in the supply of exchanges. Netflows show that more than 8 million FET have left the exchanges, inclusive of the selling, indicating accumulation taking preference over profit booking.
Put simply, FET holders are adding more tokens to their wallets as they expect the Fetch.ai price to make a jump soon.
FET Price Prediction: Is the Altcoin Ready to Jump?
Fetch.ai’s price is trading at $2.83 at the time of writing, testing the barrier that the altcoin has failed to breach thrice this month. Should FET succeed this time, it would be closer to marking a new all-time high of $3.07.
In the event that this happens, a new all-time high will likely take place before the end of the month as it only warrants a 7% increase in price.
However, it must be noted that the cryptocurrency is close to being overbought. This is evident in the Relative Strength Index (RSI), a momentum oscillator measuring the speed and change of price movements.
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In the past, instances of FET being overbought have resulted in sudden and considerable corrections. This could result in the Fetch.ai price falling to $2.46, which would invalidate the bullish thesis, causing a correction to $2.26.