The world of cryptocurrency is buzzing with excitement as the Artificial Superintelligence Alliance (FET), a pioneering crypto-AI token, captures the attention of crypto enthusiasts. Recently, FET experienced a remarkable 25% price increase, sparking interest among investors and traders alike. With a promising bullish price action pattern forming on its daily time frame, FET seems poised for yet another upward rally.
FET Technical Analysis and Upcoming Levels
Expert technical analysis reveals that FET has successfully broken out of a falling channel price action pattern. This significant move was confirmed by the closure of a daily candle above a crucial resistance level, signaling a shift from a downtrend to an uptrend. Such a transition in sentiment is drawing attention to FET’s potential for further gains.
According to Trading View, following this breakout, FET has the potential to climb an additional 25%, reaching the $1.78 mark in the near future. However, this journey won’t be without challenges, as the $1.51 level presents a minor resistance that could slow down progress. For the bullish momentum to persist, FET must maintain a position above the $1.31 level; failure to do so could result in a reversal.
FET’s Bullish On-Chain Metrics
Supporting the positive outlook for FET, on-chain metrics provide additional insight. Data from the on-chain analytics firm IntoTheBlock shows a remarkable 61% increase in large transaction volume for FET. This surge indicates heightened activity from whales and institutions, signaling strong market confidence following the recent breakout.
Beyond transaction volume, FET’s open interest has risen by 8.5% in the last 24 hours, reflecting an increase in trader positions as market sentiment shifts. This combination of factors suggests a favorable environment for FET holders and presents a potential buying opportunity for those looking to capitalize on the upward trend.
Currently, FET is trading around $1.41, having experienced a 2.15% price increase over the past 24 hours. Despite this positive movement, trading volume has decreased by 43%, indicating reduced participation from traders and retail investors. This discrepancy highlights the importance of monitoring market dynamics closely as FET continues to navigate its bullish trajectory.
