Market

What Major Holder Activity Shows

Published

5 hours ago

October 1, 2024

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FET price is showing some unusual patterns that could impact its direction in the near future. Recent activity from major holders has caught attention, raising questions about what’s next for the token. While certain indicators point to potential gains, others suggest there might be caution among larger investors.

These conflicting signals are creating uncertainty around the short-term outlook. With the market closely watching, FET’s next move could be pivotal.

FET Whales Are Sending Paradoxical Signs

Big holders of FET have been showing paradoxical signs in recent days. Monitoring the actions of a coin’s whales is crucial because it provides insights into potential market moves, as large-scale holders can influence the price with their buy or sell decisions.

On September 28, there were 69 holders with between 100,000 and 1,000,000 FET tokens, and by September 30, this number had risen to 82, marking an 18% increase in just a few days. However, during the same period, holders with between 1,000,000 and 10,000,000 FET tokens dropped from 13 to 10.

This situation is unusual because while smaller large holders are accumulating, the biggest holders are reducing their positions, which could indicate a mixed sentiment in the market.

For FET’s price, this divergence might suggest some short-term upward momentum from new buyers, but the retreat of the largest holders could signal caution or potential selling pressure ahead.

FET’s Social Dominance 7-day Moving Average has seen a sharp decline, falling to 0.123%, down from 0.336% just a day ago and 0.668% on September 24. This decline matters because social dominance measures the level of attention and discussion a coin is receiving relative to the overall market.

A drop in this metric suggests fading interest or hype around the asset. Reduced social buzz often aligns with lower buying activity or enthusiasm from retail investors, indicating that excitement around FET may be waning for the time being.

FET Price and Social Dominance. Source: Santiment

However, it’s important to note that FET’s Social Dominance 7D MA hovered around 0.123% last month as well, yet that didn’t stop its price from climbing in the following days.

For example, between September 7 and September 12, FET rose from $1.07 to $1.42, showing that even with low social dominance, price increases are still possible if other factors drive demand.

FET Price Prediction: Can It Reach $1.87 Soon?

According to the In/Out of the Money Around Price chart, FET faces strong resistance at $1.68 and weaker resistance at $1.73. If these levels are broken, FET could quickly rise to $1.87, offering a potential gain of 14.7%. That could be driven by all the hype around artificial intelligence coins, which appear to be on the rise lately.

The In/Out of the Money Around Price metric tracks the distribution of holders who are in profit (in the money) or at a loss (out of the money) based on their entry price, providing insights into where selling pressure or buying support might come from.

It highlights key resistance levels at which holders might sell to secure profits and support levels at which buyers may step in to prevent further decline.

FET In/Out of the Money Around Price. Source: IntoTheBlock

However, if FET’s current trend reverses, there’s strong support at $1.58, but if that fails to hold, the price could drop as low as $1.38, indicating significant downside risk.

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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Market

Bitcoin Price Falls To $60K: Is A Rebound Possible?

Published

18 mins ago

October 2, 2024

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Este artículo también está disponible en español.

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.

Bitcoin is down over 5% from the $65,000 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,500 support zone.

Bitcoin Price Takes Hit

Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.

The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.

A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.

The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,650, and $62,800.

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Market

Why TAO Price May Struggle to Sustain Gains After 111% Surge

Published

1 hour ago

October 2, 2024

admin

In September, Bittensor’s (TAO) price surged 111%, rising from $264 to $587. However, as October begins, several indicators suggest that TAO’s price may encounter resistance, potentially limiting further gains.

Popularly called “Uptober,” due to its historically bullish performance, the broader market expected many cryptos to end the month with positive returns. While TAO could do the same, this analysis explains why the altcoin may struggle in the first few days.

Bittensor May Soon Be Overbought

TAO’s impressive performance in September is closely tied to several developments in Artificial Intelligence (AI) sector. This surge in interest has caused significant price swings, as evidenced by the widening of the Bollinger Bands (BB) on the daily chart.

Bollinger Bands typically expand during periods of high volatility, and TAO’s case is no exception. Furthermore, the indicator also shows if an asset is overbought or oversold. When the upper band of BB touches the price, it is overbought, and when the lower band does, it is oversold.

The chart below shows that TAO’s price at $585.50 is close to tapping the upper band. Considering the momentum around the altcoin, the price might increase to $660. Once it does, it will be overbought, and a pullback could be on the cards.

Bittensor (TAO) rising volatility — Bittensor Bollinger Bands. Source: TradingView

From an on-chain perspective, Bittensor’s social dominance is one metric supporting the prediction. Social dominance compares the rate of discussions around a cryptocurrency to other assets in the top 100.

When it increases, it means that the market is paying more attention to the asset, which could help increase demand. A decrease, on the other hand, indicates that most investors are overlooking the assets, which could lead to consolidation or, in a worst-case scenario, drag TAO’s price down.

As of this writing, TAO’s social dominance has fallen, indicating that investors are starting to look in another direction. Should this linger for some days, the altcoin’s price might decrease.

Bittensor (TAO) Social Dominance — Bittensor Social Dominance. Source: Santiment

TAO Price Prediction: Token Could Drop to $520

On the daily chart, the Relative Strength Index (RSI), an indicator that measures momentum, shows that TAO is overbought. As seen below, the RSI on the daily chart is above 70.00. This position aligns with the earlier notion that TAO’s price might decrease in the short term.

Using the Fibonacci retracement indicator, BeInCrypto observes that TAO might initially decline to $520.65 (the 78.6% Fibonacci level). If the token fails to hold this level, it could drop further, with the next support region around $445.63.

TAO price analysis — Bittensor Daily Price Analysis. Source: TradingView

However, TAO could defy this bias and run toward $700 if demand for the token significantly increases. In that case, the potential drawdown might not last, and October’s performance could get close to a 100% hike.

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Market

Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit

Published

2 hours ago

October 2, 2024

admin

Fantom (FTM), currently transitioning to Sonic (S), is one of today’s top market gainers, with its price rising by 8% in the last 24 hours.

As FTM climbs, indicators point to the potential for even greater gains. This analysis outlines the factors driving the token’s rise, key resistance levels to watch, and the potential benefits for investors.

Fantom Plan to Put Worried Holders Out of Pain

As of this writing, Fantom’s price is $0.75, meaning 53% of the total FTM holders are now in profits. However, according to the Global In/Out of Money (GIOM) Around Price, holders who are currently out of money might soon gain from the price appreciation.

The GIOM classifies addresses based on those making money at the break-even point and those in losses at the current price. Using an average on-chain cost basis, the indicator can tell how much volume can become profitable or otherwise, depending on the price action.

Also, the larger the clusters, the stronger the support or resistance. According to IntoTheBlock, about 25,230 addresses that accumulated FTM between $0.94 and $1.50 are currently holding over 100 million tokens at a loss.

Fantom price shows strong support — Fantom GIOM. Source: IntoTheBlock

However, with strong support of around $0.75, these addresses might soon be in the money, indicating that the volume in these regions could soon be valued at $75 million. Fantom’s Open Interest has also increased, suggesting that more money is flowing into FTM-related contracts.

Historically, whenever this happens when FTM’s price increases, the uptrend becomes stronger. Thus, it is likely that the token’s uptrend might continue, and FTM’s price could close in on the $1 mark.

Fantom (FTM) Open Interest — Fantom Open Interest. Source: Santiment

Interestingly, crypto trader Ansem also seems to align with the bullish bias. The trader, who has 503,900 followers on X, noted that the last quarter was for accumulation, while this new one will see FTM price trade much higher.

“FTM price action is a good indicator of the different regimes we are in now. March-> July: alts down only [-70-80%]. July -> September: sideways accumulation. currently, continuation without high timeframe retests is usually the beginning of aggro trend,” Ansem wrote.

FTM Price Prediction: Higher Values Only

On the daily chart, FTM’s price increased after a bullish inverse head-and-shoulders pattern formed. Currently trading at $0.75, BeInCrypto examined the Directional Movement Index (DMI) to support the continuation of the altcoin’s uptrend.

As the name implies, the DMI measures a cryptocurrency’s trend. At press time, the DMI (red) was down to 5.68, which indicates that sellers are not in control. On the other hand, the DMI (green) was higher at 2.08.

In addition, the Average Directional Index (ADX), which measures directional strength, has increased. At press time, the ADX (yellow) is 48.49, suggesting that Fantom’s price might continue to move up.

Fantom (FTM) Price Analysis — Fantom Daily Price Analysis. Source: TradingView

If validated, FTM’s price might surpass the $0.84 resistance in the short term. If that is the case, the altcoin’s next move could be to $1.01 and possibly $1.14. However, the token could pull back if the FTM holder’s book profits in large volume. If that happens, FTM could decline to $1.14.

The post Fantom (FTM) Price Aims for $1, Pushing 100 Million Tokens Into Profit appeared first on BeInCrypto.

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