- Fetch.ai was ranked 1 on the list of cryptos by Galaxy Score.
- FET was down by 3% in the last 24 hours, and indicators looked bearish.
While the overall crypto market volatility remained low, Fetch.ai [FET] acted differently as it rallied last week. The pump allowed FET to lift its value by double digits. If the latest data is to be considered, investors can sit comfortably, as the possibility of a continued uptrend is likely.
Read Fetch.ai’s [FET] Price Prediction 2023-24
Apart from FET, quite a few other AI and big data tokens also looked bullish. Is market interest in AI tokens growing once again?
Fetch.ai bulls are here
The bulls stepped up their game last week as they lifted FET’s price by a substantial amount. According to CoinMarketCap, Fetch.ai’s price surged by more than 22% last week, which was encouraging.
A look at FET’s on-chain metrics revealed what was supporting the uptrend. The uptick was accompanied by a rise in trading volume. Thanks to the price uptick, FET’s MVRV Ratio went up considerably.
As per CryptoQuant, FET’s net deposits on exchanges were low compared to the last seven-day average, suggesting an increase in buying pressure. On top of that, FET’s exchange outflow was also high, indicating that investors were accumulating more tokens in the hope of a continued uptrend.
Moreover, if the latest data is to be considered, investors’ expectations might be fulfilled in the coming days.
Author: Dipayan Mitra
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