- Large transaction volumes surged by 56%, signaling higher whale participation and a bullish outlook for the token
- Market bulls have been dominating the asset, potentially driving FET’s upcoming momentum
As a seasoned analyst with a knack for deciphering market trends, I find myself rather optimistic about the AI-focused token, FET. The recent surge in transaction volumes by a whopping 56% and the dominance of bulls across the asset class are clear indicators of an impending upside rally.
As I pen this down, the Artificial Superintelligence Alliance (FET) token appears primed for a significant surge in value. This is particularly true given its formation of a bullish chart pattern over its daily chart.
Bullish market sentiment
It’s noteworthy to mention that the overall attitude towards cryptocurrencies has improved since the re-election of President Donald Trump, who is known to be supportive of digital currencies.
Due to this, during the last two days, the FET price has significantly increased by more than 25%. This increase caused a breakthrough and a closing of the daily candle above the downward trend line (channel price action pattern).
FET technical analysis and key levels
Based on the technical analysis provided by AMBCrypto, FET seems poised for a bullish run following its breakout. Given the robustly optimistic outlook, there’s a good chance it could surge by approximately 25%, potentially reaching $1.80 in the upcoming period.
After the price breakout, the Future Electric Technology (FET) finished its day’s candle above the 200-day Exponential Moving Average (EMA), suggesting a rising trend on the daily chart.
If FET remains above the $1.30 mark, its optimistic outlook should remain valid. However, if it falls below this level, the bullish case could potentially weaken.
Bullish on-chain metrics
Recently, there’s been a notable increase in FET’s popularity, drawing in both whales and investors. This surge has resulted in a significant upswing in large transactions over the past day. As reported by IntoTheBlock, the number of large transactions made by whales has increased by an impressive 56%. This is a highly optimistic indication for the future price movement of FET.
Over the past day, there’s been a significant increase in large transactions for FET, which has also led to an uptick of 7.9% in its Open Interest. This surge in Open Interest suggests that traders have a strong faith in the AI-backed token and are creating new positions, possibly driven by market trends.
By integrating these blockchain indicators with traditional chart analysis, it appears that buyers currently have the upper hand in the market, potentially empowering FET to maintain its rising trend in the near future.
Current price momentum
Currently, at the moment of reporting, FET was close to $1.38 in value. This price increase was approximately 1.80% over the last 24 hours. Interestingly, during this same time frame, the trading volume decreased by 44%, suggesting a reduction in trader activity following a significant rally.
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2024-11-08 10:15