Market

Can FET Price Break Through $2 as Crypto Whales Accumulate?

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4 hours ago

September 30, 2024

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The price of Artificial Superintelligence Alliance (FET) has surged by 35% this month, marking a strong recovery after previous declines during the early phases of the AI coin mergers. This recent performance has made September a positive month for the cryptocurrency.

However, in the past seven days, FET’s price has dipped by 5.46%, likely due to some investors locking in profits from the recent rally. Despite this short-term decline, large-scale accumulation is underway, as key stakeholders appear to be positioning for another potential breakout.

Whales Double Down on Artificial Superintelligence Alliance

On September 25, FET’s price jumped to $1.70, fueling speculation that the AI coin could retest $2. But that did not happen, as the cryptocurrency is now down to $1.60.

Following the drawdown, it appears that crypto whales saw this as an opportunity to buy at discount prices. This is evident from on-chain data obtained from Santiment. According to Santiment, the number of tokens held by addresses who own about 10 million to 100 million FET was 591.45 million on September 27.

Today, the number has increased to 689.94 million, indicating that crypto whales bought nearly 100 million FET in the last three days. At its current price, this purchase is worth nearly $100 million.

Crypto whales are buying FET — FET Whale Balance. Source: Santiment

Interestingly, this accumulation comes amid the CUDOS (CUDOS) to FET migration. CUDOS is a decentralized blockchain network that enables Graphic Processing Unit (GPU) machines to power decentralized applications.

On September 26, the project disclosed that it had begun its migration to the Artificial Superintelligence Alliance and shared steps for transitioning from CUDOS to FET. Considering the development, it is likely to see a notable jump in FET’s market cap and possibly — its price.

On another note, IntoTheBlock data shows that the Coins Holding Time has increased by 183.81% in the last 90 days. This implies that many FET holders have stuck with the cryptocurrency without transaction or potentially selling it.

FET holders fail to sell — FET Coins Holding Time. Source: IntoTheBlock

From a price perspective, this could be bullish for the token. But what’s happening on the technical side?

FET Price Prediction: $2 and Above Soon

On the daily chart, FET’s price is trading near the 20-day Exponential Moving Average (EMA). The EMA determines the direction in which a cryptocurrency’s price might move based on previous price trends.

As seen below, the 20 EMA (blue) is around $1.52, and support lies in the same area. This indicates that FET might not drop below this region. Instead, a rebound could be next for the cryptocurrency.

FET price analysis — FET Daily Price Analysis. Source: TradingView

However, the token needs to break the $1.70 resistance first. If successful, the next price target could be $2.03 or possibly higher. But if FET bulls fail to gain the advantage and the token drops below the 20 EMA, the prediction might be invalidated, and the price could decline to $1.33

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Accumulate Break crypto FET Price Whales

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What Should Investors Expect From Solana (SOL) in October?

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Market

Solana Price (SOL) Holds Crucial Support Level: Is the Rally Still Alive?

Published

3 mins ago

September 30, 2024

admin

Solana is holding gains above the $150 resistance zone. SOL price is consolidating and might aim for a fresh increase above the $162 resistance zone.

SOL price started a fresh increase above the $155 zone against the US Dollar.
The price is now trading near $155 and the 100-hourly simple moving average.
There is a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $155 support zone.

Solana Price Regains Traction

Solana price extended its increase above the $155 resistance like Bitcoin and Ethereum. SOL even climbed above $160 before the bears appeared. A high was formed at $162 and the price started a downside correction.

There was a move below the $160 and $158 levels. However, the bulls were active near the $155 support zone. A low is formed at $155 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $162 swing high to the $155 low.

Solana is now trading near $155 and the 100-hourly simple moving average. There is also a key rising channel forming with support at $155 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $158 level. The next major resistance is near the $160 level. It is close to the 76.4% Fib retracement level of the recent decline from the $162 swing high to the $155 low. The main resistance could be $162.

A successful close above the $160 and $162 resistance levels could set the pace for another steady increase. The next key resistance is near $175. Any more gains might send the price toward the $180 level.

More Downsides in SOL?

If SOL fails to rise above the $158 resistance, it could start another decline. Initial support on the downside is near the $155 level. The first major support is near the $154 level.

A break below the $154 level might send the price toward the $149 zone. If there is a close below the $149 support, the price could decline toward the $142 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is losing pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $155 and $149.

Major Resistance Levels – $158 and $162.

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Market

Crypto Inflows Soar to $1.2 Billion, Setting Up Bitcoin for Best Q4

Published

1 hour ago

September 30, 2024

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Crypto investment inflows hit $1.2 billion last week, marking three consecutive weeks of positive growth since September 9. This surge comes amid growing optimism in the market, fueled by bullish macroeconomic developments and other value-boosting events in the finance sector.

Additionally, September broke its typical trend of poor performance, creating the strongest starting point for Bitcoin (BTC) and the broader crypto market heading into October.

Crypto Inflows Soar to $1.2 Billion Amid Market Optimism

Digital asset investment products saw inflows of $1.2 billion last week, with Bitcoin leading the charge, recording $1.070 billion in positive flows. Short-Bitcoin investment products also saw inflows, totaling $8.8 million. Meanwhile, Ethereum (ETH) ended a five-week outflow streak, with inflows reaching $87 million, reflecting a resurgence of positive sentiment.

The US leads from a regional standpoint with $1.17 billion, and the latest CoinShares report attributes inflows to positive economic data in the country.

As BeInCrypto reported, the Federal Reserve’s 50 basis point (bps) interest rate cut in September sparked a wave of liquidity, benefiting riskier assets like Bitcoin. Combined with cooling inflation, markets are now expecting further rate cuts by the end of the year.

The report also highlights that the approval of options trading in the US has added momentum to crypto investment inflows. BlackRock’s spot Bitcoin ETF recently secured options trading approval from the US Securities and Exchange Commission (SEC), a development expected to bring more liquidity and enhance market stability.

It also opens the door for potential approval of Ethereum ETFs, a possibility widely discussed.

“Digital asset investment products saw a third consecutive week of inflows totaling $1.2 billion, which we believe is a reaction to continued expectations of dovish monetary policy in the US. The approval of options for certain US-based investment products likely boosted sentiment,” an excerpt in the report read.

Indeed, there is a generally positive sentiment in the crypto market. This saw BlackRock’s ETHA join the $1 billion ETF club in two months. It also catapulted Bitcoin and Ethereum ETF inflows to multi-week highs amid frothing hope for a market-wide recovery.

Bitcoin Scores Best September Close Ahead of Expected Bullish Q4

Elsewhere, hedge funds are predicting a Bitcoin rally in the fourth quarter (Q4) following the cryptocurrency’s strongest September close on record. Historically, Bitcoin has struggled in September, often posting negative returns. However, this year, it defied expectations, rising by around 20%.

ZX Squared Capital forecasts that the upcoming US elections will further boost Bitcoin, regardless of the outcome. The hedge fund argues that both political parties have failed to address rising national debt and deficits, a factor it believes will strengthen Bitcoin’s position post-election.

Similarly, analyst Crypto Rover expects Bitcoin’s best price performance to occur in Q4, citing historical patterns following halving events.

Bitcoin Price Performance Post-Halving. Source: Crypto Rover

Indeed, Bitcoin has a history of rallying in Q4, especially in halving years like 2020. With traders and investors holding out for a potential all-time high in 2024 or soon after, this optimism could attract more retail interest, spark media coverage, and drive greater adoption.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Theta Releases EdgeCloud for Android, and More

Published

2 hours ago

September 30, 2024

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Decentralized Physical Infrastructure Networks (DePin) are transforming the tech by enabling decentralized projects in real-world infrastructure.

Here’s what happened in DePin sector recently: Theta launched the mobile version of its EdgeCloud Node, expanding its network to Android devices. Helium formed a partnership with the University of Southern California (USC) Trojans, increasing its visibility at major sporting events. Meanwhile, Anyone announced its Incentivized Testnet, offering token rewards to relay operators for supporting its infrastructure.

Theta Releases EdgeCloud Node for Android Devices

In a important step for Theta, the mobile version of the Edge Node for Android devices launched on September 25. This update expands Theta EdgeCloud’s network, which already includes over 30,000 desktop nodes, to potentially tap into the computing power of 3.9 billion Android devices worldwide. Now, Android smartphone users can contribute their GPU power to Theta’s EdgeCloud network and earn TFUEL tokens as a reward.

“For the first time ever, the Theta team has implemented a video object detection AI model (VOD_AI) that runs on consumer grade Android mobile devices, delivering true computation at the edge and enabling unparalleled scalability and reach. VOD_AI is a computer vision technique that uses AI to analyze video frames to identify objects by scanning video frames, looking for potential objects and drawing bounding boxes around them. This process is similar to how the human visual cortex works,” the team shared.

Users can also set their Edge Node to run only when the device is on WiFi and charging, like overnight. With thousands of Android devices participating globally, Theta can handle large computing tasks, such as video processing, around the clock. For example, if 30,000 devices each work for 8 hours, they provide 240,000 hours of computing power in a day.

The system splits large videos into 14 million small parts and distributes the work across devices, allowing it to process even complex, high-resolution videos efficiently. This brings a new level of power to edge computing.

Helium Partners with USC Athletics

Helium Mobile has officially partnered with the University of Southern California (USC) Trojans, marking a new collaboration for the 2024-25 sports season. As part of this partnership, Helium Mobile will feature prominently at USC football and basketball home games, starting with the highly anticipated USC vs. Wisconsin game on September 28, 2024, where Helium Mobile will serve as the game sponsor.

Fans attending these games can expect Helium Mobile branding throughout the stadium, along with interactive activities, giveaways, and promotions aimed at engaging USC supporters. The partnership also includes special events like student section takeovers and exclusive fan experiences.

“We are proud to support the USC Trojans. Sports bring people together, and we’re excited to have USC as part of the Helium Mobile family. We know how important it is for students, student-athletes, faculty, and alumni to have reliable and affordable cell phone service,” Helium Mobile COO Frank Mong said.

Helium Mobile, known for its $20 per month phone plan with unlimited talk, text, and data, will use the opportunity to introduce the Helium Network to the USC community.

With a focus on providing reliable connectivity for popular apps like YouTube, TikTok, and Instagram, the network promises to meet the needs of students and fans who rely on their phones throughout the day. Helium subscribers also have the chance to earn rewards for supporting the network’s growth.

Anyone Prepares for Incentivized Testnet

The Anyone Incentivized Testnet and Dashboard will go live soon. This launch will transition the network to an incentivized phase, allowing any relay operator to earn mainnet ANYONE tokens through the distribution system.

Initially, the distribution rate will be set at 25% of the final target. Operators will be able to connect to the dashboard, track rewards distributed on Arweave Layer-1, and claim them on the Sepolia Testnet. Mainnet tokens will then be airdropped weekly on a 1:1 basis with the testnet rewards redeemed.

The team will test and audit features throughout the testnet period, then integrate them into the rewards system. With updates like family requirements, geolocation multipliers, and mainnet ANYONE locking, the rewards will increase as the protocol grows.

While DePIN is still in its early stages and has some flaws, it allows for the exchange of tokens between synthetic and real-world assets. This supports traditional infrastructure by providing last-mile coverage in areas where conventional models are not economically feasible.

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