International Coinbase Exchange has made another notable announcement that has made attention in the crypto space. Starting on or after 9:30 am UTC, October 3, 2024, Coinbase will open its new FET-PERP market. This action is part of Coinbase exchange ongoing expansion of perpetual futures trading on its platform, and it highlights the growing interest in tokens linked to the Artificial Superintelligence Alliance.
A Milestone for the Artificial Superintelligence Alliance
Coinbase Exchange and Coinbase exchange Advanced have launched FET perpetual futures (FET-PERP), marking an important step for the Artificial Superintelligence Alliance. FET, which became the main token for the alliance after a merge in August 2024, now plays a key role in their system, replacing tokens like $OCEAN and $AGIX.
With FET-PERP, non-US-based institutional and advanced retail traders can take advantage of FET price changes without worrying about contract end dates. These perpetual futures, settled in USDC, provide a flexible and simpler trading option for eligible users.
Timeline of Key Events Leading to FET-PERP
The launch of FET-PERP isn’t Coinbase’s first step into perpetual futures. Throughout 2024, Coinbase International Exchange has been steadily growing its offerings. In April, the exchange introduced Dogwifhat (WIF) perpetual futures, with trading starting on April 25, 2024. This showed Coinbase’s focus to offer futures contracts for various crypto assets.
In September, Coinbase exchange launched perpetual futures for Catizen (CATI), the first cat token listed on Binance. CATI-PERP went live on September 26, allowing traders to speculate on CATI prices without contract end dates. These launches is the way for FET-PERP, highlighting Coinbase’s vision on bringing new futures products to the market.
Growing Popularity of FET in the Market
FET’s addition to Coinbase’s futures options comes at a time when the token is gaining a lot of attention. On September 25, just days before the FET-PERP announcement, there was a huge increase in FET withdrawals from exchanges, showing strong interest from traders. Soon after the news, $1.2 million worth of FET was transferred to Coinbase, making it the most transferred token on centralized exchanges.
FET’s strong performance is connected to its role in the Artificial Superintelligence Alliance, which has raised interest in the token due to its use in AI projects. With Coinbase now providing a futures contract for FET, traders have more ways to trade and benefit from its price changes.
FET Price Prediction
The FET price is currently in a Bullish momentum, according to the chart the ascending triangle breakout above key resistance at $0.775, signaling potential upward momentum. After the breakout, the price successfully retested this level, confirming it as strong support.
Currently, the price is consolidating near $1.58, with a strong uptrend supported by a rising trendline. If this support holds, the next target could be $2.3 to $2.5, with the possibility of further gains toward $3.5 to $5.0 depending on market momentum.
However, a break below the current support and trendline might lead to a deeper pullback, with the $0.775 level acting as a critical support zone. Overall, the chart remains bullish as long as the $1.50 support and trendline are maintained, but traders should watch for a potential break above $2.3 for further upside confirmation or a test of lower support if momentum weakens.
Coinbase’s Expanding Perpetual Futures Offerings
Coinbase Exchange has made perpetual futures a key feature of its platform, providing futures markets for major tokens like BTC, ETH, LTC, and XRP. The addition of FET-PERP is part of Coinbase’s plan to support institutional and advanced retail traders outside the US.
Non-US-based institutions in approved areas can apply to join the International Exchange, while advanced retail users can access perpetual futures by updating their mobile app on Coinbase Advanced. Coinbase has also teamed up with Talos to simplify the onboarding process for institutions, allowing them to connect directly to the International Exchange through an API or the Talos interface.
Pre-Launch Markets and the Future of Perpetual Futures
Coinbase has introduced pre-launch markets, allowing eligible traders to explore token prices before they officially launch. Traders can take long or short positions with up to 2x leverage, offering a way to engage with new projects early. Along with adding products like FET-PERP, Coinbase continues to expand its range of futures offerings, strengthening its position as a top platform for crypto futures trading.
Conclusion
The launch of FET-PERP on Coinbase International Exchange is an important step for both Coinbase and the Artificial Superintelligence Alliance. With FET’s growing popularity, its perpetual futures listing allows traders to benefit from price movements. Coinbase continues to lead the crypto derivatives market, providing a variety of futures products and pre-launch markets. As the crypto market evolves, Coinbase’s expanding futures schedule shows its dedication to staying ahead in the industry.
