The Artificial Superintelligence Alliance is making waves in the crypto world as its leading token, FET, captures the attention of investors and enthusiasts. Riding on a remarkable 25% price surge recently, this innovative crypto-AI token is positioned for further growth. As excitement builds, FET has established a bullish price action pattern on its daily chart, hinting at potential future rallies.
FET Technical Analysis and Upcoming Levels
Delving into the technical analysis of FET, the token has recently broken free from a declining channel pattern, marking a pivotal shift in its trajectory. By closing a daily candle above a key resistance point, FET has transitioned from a previous downtrend to an optimistic upward trend. This breakout has ignited hopes for further gains, with projections suggesting a potential 25% climb to the $1.78 mark in the near future.
Nevertheless, this ambitious target is not without its challenges. A minor resistance level at $1.51 could pose an obstacle as the token strives to achieve its upward momentum. For FET’s bullish outlook to remain intact, it is crucial that the token maintains its position above the $1.31 level. Falling below this threshold might signal a reversal in its current positive trend.
FET’s Bullish On-Chain Metrics
Complementing the technical analysis, FET’s on-chain metrics further bolster its promising outlook. Insights from the on-chain analytics firm, IntoTheBlock, reveal a significant 61% surge in large transaction volumes for FET. This increase highlights strong engagement from both whales and institutional investors, aligning with the token’s bullish sentiment and recent breakout.
The rise in substantial transactions underscores a positive sentiment among FET holders, potentially presenting a lucrative buying opportunity. Moreover, FET’s open interest has grown by 8.5% over the past 24 hours, reflecting an increase in trader positions as market sentiment shifts favorably.
Currently, FET is trading around the $1.41 mark, boasting a price increase of over 2.15% in the last 24 hours. Despite this upward momentum, trading volume has dipped by 43% in the same timeframe, suggesting reduced participation from traders and retail investors. As FET continues to navigate the crypto landscape, all eyes remain on its potential for further growth and stability.
