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- In the past 24 hours, FET saw $4.34 million worth of tokens moved to exchanges, indicating increased selling pressure.
- Additionally, liquidations of long positions amounting to $416,620 have dampened the token’s price momentum.
In recent times, the Fetch.ai (FET) price has experienced a positive momentum to the upside. The token’s gains range from 15% to 23% in monthly and weekly timeframes, reported CNF. Notwithstanding this performance, the token’s upward trajectory is facing huge resistance that would affect its near-term price action.
Key Resistance Levels Remain Roadblock FET Price Progress
On the weekly, FET moves within a symmetrical triangle, analyst Crypto Leo suggested. A pattern in which the price range gets narrowed between support and resistance, preceded by a large move in either direction.
However, a new resistance area in the shape of a triangle is emanating, which is capping further progression of the token. The levels are showing stiff selling pressure that would make it a pullback in case FET failed to break the upper side of it. A breakout would push FET to $3.50, given the current chart analysis
According to Coinglass, FET holders have faced a sell-off in the past 24 hours. For context, in the same period, $4.34 million worth of FET was transferred to exchanges, implying exit or liquidation. This pattern represents bearish sentiment among traders which may dampen the upward pressure on FET even more.
In the derivatives market, liquidations on long positions have significantly increased. According to Coinglass, $416,620 in long positions was liquidated as the market flipped against traders’ anticipations. These liquidations and selling pressure have been creating headwinds for the rally that the FET price has been undergoing.
Fetch.ai Open Interest Surge Shows Bullish Sentiment
Despite the sell-offs, the resistance levels, and open interest which is the total number of active derivatives contracts, FET seems to have a positive outlook as its token’s open interest has gained 2.25% to $150.46 million. It shows that derivatives market participants are optimistic about potential upward price movement despite the bearish sentiment in the spot market.
Although these metrics highlight mixed signals for FET’s trajectory, the token remains within the symmetrical triangle pattern. Further developments are to be seen if FET will emerge victorious from these challenges and continue its bullish trend.
Currently, the FET price is still in the uptrend, gaining 5.03% to $1.49 on Monday, November 25. Moreover, the monthly gains surpass 22%, which is impressive. Also, as the trend for AI coins gains further traction, the token could benefit further. As of yet, analysts are now eyeing the $2 mark for FET price, which could be difficult to achieve owing to the mixed market sentiment.