FET token holders on decentralized Ethereum wallets face a critical deadline to participate in the ASI Merge Migration Queue or risk liquidation, prompting increased trading activity and price volatility for the Fetch.ai project’s token.
As highlighted by Fetch.ai on its official X (formerly Twitter) account, the deadline is fast approaching; Monday, and failure to participate could lead to liquidation. This urgency has driven significant activity in the FET market, reflected in recent price movements and trading volumes.
As of writing, FET is trading at $1.20, showing a modest increase of 0.42% in the past 24 hours. This price action comes with a notable rise in trading volume, which spiked by 38.58% to $162,448,947, indicating increased trading activity. The market capitalization also rose by 0.42% to $3,024,743,486, reinforcing positive sentiment.
In the latest price trend analysis, FET experienced a recent high of approximately $1.1964 before experiencing a significant drop. However, the price found strong support around $1.05, demonstrated by a quick recovery after dropping to this low point. The current price of $1.20 is just above the previous resistance level of $1.1964, suggesting a new support level and potential bullish momentum.
The key support level for FET is around $1.05, and the immediate resistance is near $1.1964. Since the current trading price is $1.20, this suggests a possible breakout, with a chance of establishing new support at this level. If the bullish trend continues, future resistance levels could be around psychological benchmarks like $1.25 and $1.30.
According to Coinglass data, trading volume for FET derivatives has risen by 24.73% to $143.06 million, yet open interest has decreased by 3.38% to $31.67 million. The long/short ratio over the past 24 hours is 0.9294, showing a slight dominance of short positions.
The FET long/short ratio is a bullish 2.6258, with top traders also showing strong bullish sentiment. Despite this, long positions have faced significant liquidations, with $316,860 liquidated in the past 24 hours, including $289,210 from long positions.
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