The Artificial Superintelligence Alliance (FET) is currently on an upward trajectory, buoyed by breakout confirmation and the support of the United States Vice President. This article delves into a detailed technical analysis, anticipated price levels, on-chain data, and the broader impact of political endorsements on the Crypto AI sector.
FET Technical Analysis and Upcoming Level
Expert technical analysis reveals that FET has shown bullish behavior after successfully retesting its breakout level of $1.53 on September 20, 2024. Historically, this kind of price momentum suggests a strong possibility for FET to escalate by 20%, potentially reaching the $2 mark in the coming days.
This bullish outlook holds as long as FET remains above the critical support level of $1.46. Currently, the token is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, which is a clear indicator of an ongoing uptrend.
FET Price Momentum
As of now, FET is trading at approximately $1.66, reflecting an impressive price surge of over 3.5% within the past 24 hours. The trading volume has also spiked by 131% in the same period, indicating increased participation from traders and investors, likely influenced by the vice president’s supportive stance on innovative technologies.
FET’s On-Chain Data
Conversely, FET’s on-chain metrics are currently sending bearish signals. Data from the on-chain analytics firm Coinglass shows that the Long/Short ratio stands at 0.95, indicating a bearish market sentiment. Furthermore, FET’s future open interest has dropped by 3.5% over the past 24 hours. This decline suggests that traders are either hesitant to establish new positions or are liquidating their existing ones.
Kamala Harris’s Support for the Crypto AI Sector
On September 23, 2024, United States Vice-President Kamala Harris stated, “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors.” This affirmation has turned market sentiment bullish, particularly within the Crypto AI sector, resulting in significant upward momentum.
Following her statement, several top crypto AI tokens experienced notable price surges. NEAR Protocol (NEAR) saw a rise of over 13%, Internet Computer (ICP) increased by 5%, Bittensor (TAO) surged by 19%, and Render (RNDR) went up by 12% in the last 24 hours.
In conclusion, the Artificial Superintelligence Alliance (FET) is currently experiencing a promising bullish phase, supported by strong technical indicators and influential political endorsements. However, traders should keep an eye on critical support levels and on-chain data to make informed decisions.
