- FET surged 51% despite $286M Ocean Protocol lawsuit and public conflict.
- Buyers aggressively accumulated over 545 million FET, driving bullish momentum.
- Key technical levels EMA50, EMA100, and EMA200 will guide FET’s next price move.
Fetch.ai — FET , recently stunned the market with a 51% surge despite legal turmoil. Investors are scrambling to understand how a lawsuit against Ocean Protocol sparked such bullish momentum. Once seen as a cooperative AI alliance, the group’s public conflicts now dominate headlines. Traders and speculators jumped in, pushing FET higher, showing how market sentiment can defy expectations, even amid courtroom battles and internal disputes.
Lawsuit Sparks Frenzy
Artificial Superintelligence Alliance, designed to unite Fetch.ai, SingularityNET, and Ocean Protocol , promised rapid AI decentralization. Instead of harmony, tensions erupted publicly, spilling into courts. Fetch.ai filed a lawsuit in the Southern District of New York. Plaintiffs claim Ocean Protocol misled the community about OceanDAO’s autonomy. The suit alleges Ocean Protocol converted over 661 million Ocean tokens into 286.4 million FET.
Of those, 263 million FET were dumped, creating heavy downward price pressure. Further, Ocean Protocol reportedly moved assets to its Cayman Islands entity, Ocean Expedition, between June and July. Despite this chaos, the market reacted differently. Speculative buyers returned with force, scooping up massive token volumes. After sellers dominated since October 31, buyers reclaimed control on November 7. FET cleared $0.3 resistance as investors acquired over 545 million tokens.
Meanwhile, sellers offloaded 493 million tokens, leaving a positive Buy Sell Delta of 52 million FET. Exchange activity confirmed the bullish trend. CoinGlass data showed FET’s Spot Netflow turned negative after peaking the previous day. At press time, withdrawals exceeded deposits by $1.35 million, signaling strong buying pressure. Historically, high withdrawal rates often drove prices higher, and FET followed this pattern.
Bullish Momentum Holds
The token surged to $0.45 before settling at $0.36, marking a daily gain of 40.7%. Traders clearly dominated the charts, showing aggressive accumulation. Stochastic RSI reached 100, signaling overbought territory but also highlighting strong momentum. Investors need caution, as extreme readings often precede volatility spikes. For FET to sustain upward momentum, closing above EMA50 at $0.37 remains crucial.
If successful, the token may retake EMA100 at $0.48. Beyond that, EMA200 at $0.6 appears as the next resistance level. Failure to hold EMA50 could see support form around EMA20 at $0.28, offering buyers a potential rebound zone. Despite legal uncertainty, investor enthusiasm is palpable. The lawsuit, rather than deterring traders, fueled spot accumulation. This situation highlights how market psychology and strategic buying can defy expectations.
FET’s surge also demonstrates how speculation can amplify price moves during high-profile disputes. For now, FET’s rally underlines the complex dynamics of token markets. Lawsuits may rattle confidence, but active accumulation and strategic trading can create surprising upward momentum. Traders remain focused on technical levels and market sentiment, keeping eyes on FET’s next move amid ongoing legal drama.
