Key Takeaways:
- FET surged 51% amid $286M Ocean Protocol lawsuit.
- Aggressive accumulation of 545M+ FET tokens fueled bullish momentum.
- EMA50, EMA100, and EMA200 levels critical for next price targets.
- Legal uncertainty has not deterred traders, emphasizing market psychology’s role.
Fetch.ai (FET) stunned the crypto market with a 51% surge despite ongoing legal turmoil involving Ocean Protocol. The $286 million lawsuit, coupled with public disputes, failed to deter buyers, highlighting how market sentiment can defy expectations even amid high-profile controversies.
Lawsuit Sparks Market Frenzy
The Artificial Superintelligence Alliance, intended to unite Fetch.ai, SingularityNET, and Ocean Protocol, promised collaborative AI development. Instead, tensions erupted publicly, culminating in a lawsuit filed by Fetch.ai in the Southern District of New York. The suit alleges Ocean Protocol misled the community and converted 661 million Ocean tokens into 286.4 million FET.
Of these, 263 million FET were sold, creating downward pressure. Yet, speculative investors returned aggressively, accumulating over 545 million FET, clearing $0.3 resistance and demonstrating that market psychology can often outweigh legal uncertainty. Exchange data confirmed strong buying pressure, with net withdrawals exceeding deposits by $1.35 million, reinforcing bullish momentum.
Technical Levels Guide FET’s Next Moves
FET surged to $0.45 before settling at $0.36, a daily gain of 40.7%. Traders are closely watching technical indicators:
- EMA50 at $0.37 – Critical for sustaining momentum.
- EMA100 at $0.48 – Next target if bullish trend continues.
- EMA200 at $0.6 – Longer-term resistance level.
A failure to maintain EMA50 support could see FET rebound around EMA20 at $0.28, providing buyers with potential entry points. The Stochastic RSI indicates overbought conditions, signaling that volatility may spike even as upward momentum persists.
Investor Sentiment Overrules Legal Concerns
The lawsuit has not deterred traders; instead, it fueled aggressive accumulation, underlining the unpredictable nature of crypto markets. FET’s rally demonstrates how speculative buying, technical setups, and market psychology can amplify price moves during high-profile disputes.
Also Read: Crypto Alert: SoftBank’s Move Sends AI Tokens Sliding
Investors remain focused on key technical levels, with the ongoing Ocean Protocol litigation adding both risk and opportunity. While legal outcomes remain uncertain, FET’s bullish surge underscores that strategic trading and market sentiment can outweigh external chaos.
