FET Price Rally Maintained by Strong Spot Demand and Whale Activity
Fetch.ai's price has surged by over 15% in just 24 hours, reaching $0.15 on the charts. Despite this rally, market conditions suggest that FET may maintain its bullish trend in the short term.
The perpetual market has shown a clear long bias, with most positions remaining long due to a positive Open interest weighted funding rate. This rate hit 0.0210% on June 20th and has remained high since then.
The spot market also indicates strong demand for FET, with $16.81 million worth of the asset moving out of exchanges into private wallets. This buying activity is crucial in maintaining the bullish price trajectory.
Whale involvement in the market has been significant, with whales typically holding assets for longer periods without selling. However, traders should exercise caution despite the recent surge.