During its meeting on September 17–18, the Federal Reserve decided to cut interest rates. The federal funds rate was lowered by 50 basis points, to a range between 4.75 to 5 percent.
Since inflation was obviously declining, the country’s central bank thought it was time to loosen the restrictions a little. The most well-known cryptocurrency, Bitcoin, was trading at $63,177 on Thursday, indicating a resurgence of investor interest in the wake of the Fed’s ruling.
On September 19, the Artificial Superintelligence Alliance currency (FET) surged 127% over its lowest point of the month to a high of $1.5768. Similar to the FET, AAVE also accomplished this, increasing this week from $135 to $157. This jump was consistent with the majority of cryptocurrencies’ performance, which increased following the Federal Reserve’s reduction in interest rates.
In this article, we will discuss the top 100x exchange token and other top gainers like FET and AAVE.
AAVE Price Breaks Resistance, 71% of Holders in Profit
AAVE is currently getting steam to move above the resistance level, which is $153.70, where there has been significant selling pressure. However, the price breaks through this resistance level and rises to $157.
AAVE’s next objective is now $236.50, where a sizable liquidity cluster can be seen on the chart. Hyblock says that a level with a resting liquidity of $162.60 is a closer aim.
A lot of traders were “In the Money” at the time of writing, which means they profited from holding AAVE, according to IntoTheBlock’s analysis of the In/Out of the Money Around Price indicator.
Approximately 900k wallets, or 71% of all AAVE holders, were lucrative at that time. This indicates that these investors have the ability to raise the price further.
The 46% fall in active wallets was a positive indication, indicating that fewer holders are willing to sell and prefer to keep their holdings. Strong holding behavior among investors is shown by a drop in AAVE’s circulating supply on exchanges during the last day, which validates this pattern.
FET Price Surge, Smart Money Wallets Record High Pro
For the third day in a row, the Fetch.ai (FET) token increased, hitting its highest level since June 27. FET surged to a high of $1.5768 yesterday.
FET also saw a boost when Nansen data revealed that it had received over $7.8 million in centralized exchange inflows on the previous day, a 127x increase above the usual. Significant increases in exchange inflows are frequent signs that some holders are beginning to liquidate.
As this was going on, smart money wallets held 5.9 million FET tokens, a record high so far this year. From a low of 21 last month, these smart money wallets have already grown to 25.
Additionally, data showed that FET trading volume increased to over $623 million on exchanges, the biggest level since March of this year. As on CoinGlass, the open interest for FET futures increased to more than $92 million, which is the largest since June 9.
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