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Fet crypto saw an interesting development recently. A prominent crypto whale has attracted much attention by swapping a significant number of Shiba Inu (SHIB) tokens. The whale swapped over 255.6 Billion SHIB tokens valued at $3.11 Million for Artificial Superintelligence Alliance (FET) tokens.
Per the tweet from @spotonchain on X, an early SHIB whale shifted his losing position to FET crypto. However, the whale still held $10 Million worth of SHIB. Amid the significant whale activity, the FET price increased by 14% shortly after that.
To put it into perspective, the whale has been holding SHIB tokens since December 2021. It was later disclosed that the unknown whale actively began to trade SHIB between 21 February and 22 June and made a profit of $145 Million.
Later, the investor faced an unrealized loss of $11.51 Million. Therefore, he decided to recover some losses by swapping his position.
FET Price Action Standpoint: What Lies Ahead?
FET daily chart structure shared a positive stance. Last week, the FET crypto cited a range breakout, triggering a bullish reversal. However, the bulls could not transit the 100-day EMA mark and revisited the support region of $1.
Amid the significant whale movement, the FET price stayed green above the 20-day EMA mark during the intraday hours, at $1.16. A rise of over 3.71% accompanied it.
In addition, the trading volume sprayed over 23% to $237.49 Million, conveying a rise in investor optimism.
FET Price Volume Chart | Source: Santiment
While exiting from the falling channel pattern, the FET coin price carried fresh bullish swings. It has increased over 50% in the past two weeks.
FET’s technical indicators are disclosing an upsurge in buyer participation. The Chaikin Money Flow (CMF) indicator oscillates in the positive region, underlying the surge in capital inflows.
The surge in buying momentum around FET was also noticed in the RSI. The index was at 56 at press time, meaning a bullish momentum was at play.
Majority Are In Green
Per IntoTheBlock, the Global In/Out of the Money data indicated that around 48.66% of FET holders are making profits. This is based on the current price levels. In contrast, more than 40% of addresses have been facing unrealized losses.
GIOM Indicator Data | Source: IntoTheBlock
This showed the overall market health and the gains most participants have experienced during past price increases.
Despite the price gain, the Futures Open Interest (OI) declined over 3.20% to $54.27 Million. It shared the signs of short-covering activity that might carry forward the increase.
Considering the bullish chart structure, suppose the FET crypto succeeded in sustaining above the 20-day EMA mark. If this happens, it could rise to $1.80, followed by the $2 mark in the coming sessions.
On the other hand, if it fails to secure the $1 mark, the crucial pivot of $0.92 may act as the support zone. The $0.800 mark would follow this.