Recently, the price of FET has increased by 7.65%, reaching $1.97, with the current trading price at $1.91. The trading volume surged by 21.28% to $708.66 million, and the market capitalization grew by 7.65%, reaching $4.58 billion. Some crypto analysts believe that FET has broken through the resistance level of an ascending triangle pattern and is expected to rise further in the coming days, with short-term targets possibly being $3 and $5, and in the long term, its trading price might exceed $10.
Technical Analysis
From a technical perspective, the MACD shows a clear bullish advantage, and the Chaikin Money Flow (CMF) is also rising on the chart, indicating increasing buying pressure. However, it is important to note that as of December 4, the token's price has reached the upper limit of the Bollinger Bands, and a price adjustment may occur.
Market Sentiment
The current market sentiment is generally bullish, with large investors or 'whales' playing a key role in driving the optimistic sentiment for FET. The number of large transactions has significantly increased in the past 24 hours, and the 7-day moving average has reached $29,168.51. Additionally, 82% of FET holders are in profit, which further encourages the asset to continue its upward trend.
Potential Risks
Despite the current positive trend, there are still some risk factors. For example, the overall cryptocurrency market is highly volatile, and the price of FET may be influenced by macroeconomic factors, regulatory changes, and so on. Additionally, developments from competitors and the emergence of technical challenges could negatively impact FET's market performance.
