The Artificial Superintelligence Alliance (FET) is creating significant buzz in the cryptocurrency landscape due to its impressive price performance in recent days. FET’s remarkable price surge has confirmed its bullish breakout from an inverted head and shoulders price action pattern, catching the attention of traders and investors alike.
FET Technical Analysis and Upcoming Levels
According to expert technical analysis, FET is exhibiting a bullish trend and is on its way toward the next resistance level of $2. Currently, it is trading above the 200 Exponential Moving Average (EMA) on a daily timeframe, signaling an uptrend. The 200 EMA is a widely used technical indicator that helps traders and investors determine the overall trend of an asset, whether it is in an uptrend or downtrend.
With the recent breakout from the neckline of the inverted head and shoulders price action pattern, there is a strong possibility that FET’s price could soar by 22%, reaching the $2 level in the coming days, and potentially even higher. However, before it achieves the $2 mark, a minor price correction or retest of the breakout level may occur, which is crucial for sustaining the upcoming upside rally.
Bullish On-chain Metrics
This optimistic outlook is further reinforced by bullish on-chain metrics. Coinglass’s FET long/short ratio currently stands at 1.041, indicating a positive market sentiment among traders. Additionally, FET’s future open interest has increased by 20% in the last 24 hours and has been steadily rising since the beginning of September 2024.
This growth in future open interest reflects increasing investor interest in FET and its anticipated rally. Traders and investors often consider rising open interest in conjunction with a long/short ratio above 1 when building long positions, which further supports the bullish case for FET.
Current FET Price Momentum
At the time of writing, FET is trading near $1.61, experiencing a price surge of over 7% in the last 24 hours. However, during the same period, its trading volume declined by 20%, indicating lower participation from traders. This decline in trading volume could be a sign of cautious optimism among market participants, as they await further confirmation of the uptrend.
In conclusion, the recent price performance and technical analysis of FET suggest a promising future for this cryptocurrency. With strong bullish indicators and increasing investor interest, FET appears poised for further gains. However, traders should remain vigilant for potential corrections and closely monitor market conditions to make informed decisions.
