- FET was trading within a bullish pattern, which could propel its price to higher levels.
- There was significant involvement from large investors, potentially driving the anticipated upward trend.
As a seasoned researcher with a keen eye for cryptocurrency market trends and a knack for deciphering patterns, I find myself intrigued by the current bullish momentum of Artificial Superintelligence Alliance [FET]. The recent 7.65% price surge to $1.88 has piqued my interest, especially considering the significant growth in trading volume and market capitalization.
The Artificial Superintelligence Alliance (FET) saw an uptick of 7.65%, bringing its price to $1.88. This upward trend also resulted in an increase in trading activity and a rise in the market’s total value.
The trading volume significantly increased by 21.28%, reaching approximately $708.66 million, and the market capitalization also expanded by 7.65%, placing the value of the cryptocurrency at a total of $4.58 billion.
Based on AMBCrypto’s report, there might be a prolonged increase in FET’s value, with predictions pointing towards continued growth in the near future.
FET ready for double-digit trade
A crypto analyst has presented a bullish outlook for FET, as the asset trades within an ascending triangle pattern.
In simpler terms, this pattern called an ascending channel emerges when the price moves up and down between a flat upper boundary (resistance) and a sloping lower boundary (support).
At present, FET has surpassed its resistance point, setting it up for further growth or progression.
According to the analysis, it appears that FET could have two immediate objectives around $3 and $5. These points might line up with periods of market profit-taking.
Long-term forecasts suggest that the value of FET might climb even further, possibly reaching beyond $10, which would indicate a substantial increase from its present price range.
He stated,
“Double digits for FET in 2025.”
According to AMBCrypto, the general feeling among traders right now is quite positive, and significant players, often referred to as ‘whales’, are significantly contributing to this enthusiasm surrounding FET.
Whales fuel FET’s current surge
Data from IntoTheBlock revealed significant whale activity driving FET’s recent market movement.
Significantly, we’ve seen a significant rise in the count of substantial transactions. In fact, over the last 24 hours, the transaction volume skyrocketed, reaching 150 large transactions within that timeframe.
As a crypto investor, I’ve noticed a significant increase in the average transaction size recently. The moving average for the past week stands at approximately $29,168.51, indicating larger transactions are becoming more common.
Such a jump in average transaction size indicates that large investors, or whales, are likely behind the current activity, with FET being the asset of focus.
Should whales’ enthusiasm for FET persist and maintain a favorable outlook, it’s likely that the asset will carry on with its upward trend.
More FET holders are bullish
It’s not just whales that are optimistic about FET—smaller holders are also showing bullish sentiment.
82% of FET token owners currently have their tokens at a profit, while around 14% have lost money and another 5% neither gained nor lost any value. This information is derived from data provided by IntoTheBlock.
When more investors see their investments earning a profit, it encourages them and others to keep investing, thereby fueling further growth in the asset’s value.
Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024–2025
Here, it’s reasonable to interpret price drops as momentary setbacks, given that the overall upward trend should continue.
Given the current trajectory, it’s quite possible that we could see FET figures climb into the double digits soon. However, keep in mind that there might be some minor ups and downs before we get there.
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2024-12-04 03:36