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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.