BitcoinMacro

FET is on a mega bull mission to the moon

Long
BINANCE:FETUSDT   Fetch.AI / TetherUS
FETUSD has currently hit some key resistance and isn't the most beautiful chart out there, but FET has kept going up and up slowly. It has kept going back to retest all key breakout levels and then go back up again. Fetchai's market cap is currently at 590M USD, and it's inflation since launch seems to have been quite large (800%). FET was the first Binance IEO and it launched right at the bottom of the 2018 bear market. The initial ROI was very good for the investors, but then kept dumping relentlessly...

Below I have several charts, and I will start with FETBTC as it is the most important one. What we see is an extreme capitulation, where FET fell >98% in USD and BTC terms. It's key capitulation happened in March 2020 were it dumped way harder than many other coins. Only coin with a very similar chart and a very similar dump on that day was Fantom, which you probably already know how well it has performed recently.

So FTM has done very well, but so has CELR which was the second Binance IEO , as well as POLY which was added on Coinbase the same day FET did and it had a huge spike a few weeks after its addition. So overall FET has shown a lot of strength, especially compared to the majority of the market. It's fundamentals are strong with the Metallex airdrop and the relatively new 2.0 mainnet launch playing a role in its massive bullishness.

So what's next? In my opinion over time FETBTC will get above 8000 sats , but in the short term the first key resistance is about 4500-5000 sats and I believe the final top over the next few months will be in the 8000-12000 zone. Short term there are many variables like what is Bitcoin going to do and how bad things could get on a macro level (regulations, stocks dumping etc).