FET Rises 15% in 24 Hours Amid Rising Exchange Reserves

FET rose approximately 15% over a 24-hour period ending September 18, outperforming other AI-related cryptocurrencies which saw gains of about 9.4%. The token reached $0.1794, with 24-hour trading volume rising 9.8% to $132.27 million (approximately KRW 182.7 billion). During the same period, the broader cryptocurrency market rose by around 1.9%.

AMBCrypto analyzed FET's rise as a result of capital shifting toward AI-themed tokens. However, they noted that it is difficult to definitively predict further gains based solely on this trend. Exchange prices and percentage increases varied depending on the time of day. For instance, Zacks recorded FET at $0.1842 with a 13.47% increase as of September 18 at 10:40 AM, while OKX reported $0.1836 with a 17.14% rise as of the same day at 11:40 PM.

Exchange reserves for FET increased by 14.07% to $37.1 million (approximately KRW 51.2 billion) over 24 hours, according to AMBCrypto citing CryptoQuant data. Higher exchange reserves could indicate more sellable supply in the market, though it's also possible that buying pressure absorbed incoming liquidity. Derivatives trading volume surged by 56.72% to $117.27 million (approximately KRW 162 billion), with open interest rising 10.51% to $82.63 million (approximately KRW 114.1 billion).

On Binance, long positions accounted for 62% of the top trader accounts, while short positions made up 38%, resulting in a long-to-short ratio of 1.63. Technical analysis showed FET rebounding near $0.1473 and approaching resistance at $0.1863, with some analysts noting an inverse head-and-shoulders pattern forming on daily charts since August's low around $0.12. This pattern suggests potential targets of $0.2129 and $0.2543 if the $0.1863 level is broken.

However, technical indicators varied: AMBCrypto reported an RSI of 59.99, while CoinLore listed it at 57.66 as of September 18 and rated FET a 'SELL' due to its position below the 200-day moving average and high volatility. Analysts emphasized that RSI values can differ based on timing and exchange data, making single metrics insufficient for predicting market direction.

FET originated from the integration of tokens including Fetch.ai (FET), SingularityNET, and Ocean Protocol. Fetch.ai describes FET as the currency within the alliance's ecosystem, with trading continuing on exchanges. Earlier, when FET dropped below $0.13 on September 17, there was an outflow from exchanges and a reduction in derivatives positions. This time, however, price recovery coincided with increased exchange reserves and open interest, suggesting different market dynamics compared to the previous downturn.