Artificial Superintelligence Alliance (FET), an AI-focused token, is showing signs of a potential upside rally as it forms a bullish pattern on its daily timeframe. The cryptocurrency landscape’s positive sentiment, fueled by the re-election of pro-crypto Donald Trump, appears to be supporting FET's growth.
Over the last two days, FET surged by more than 25%, resulting in a breakout and a daily candle close above its declining channel pattern. AMBCrypto’s technical analysis indicates that FET is bullish, suggesting it could climb another 25% to reach $1.80 in the near term. This sentiment was supported by a daily close above the 200 Exponential Moving Average (EMA), signifying an uptrend. For this bullish outlook to hold, FET must maintain trading above the $1.30 level. Falling below this mark could invalidate the trend.
On-chain metrics have also shown a strong bullish stance. FET’s breakout has drawn significant attention from whales and investors, with a 56% surge in large transaction volumes over the past 24 hours, as reported by IntoTheBlock. This spike in whale activity is a positive signal for market sentiment.
Additionally, FET's Open Interest saw a 7.9% increase within the last day, reflecting traders’ confidence and the creation of new positions. This blend of on-chain data and technical patterns suggests bullish control over the asset, potentially maintaining upward momentum.
Currently, FET is trading near $1.38, with a slight 1.80% price increase over the past 24 hours. However, trading volume dipped by 44% during the same period, signaling reduced participation from traders following the recent rally. This indicates a need for sustained bullish activity to maintain momentum.
Source: Examining how and why FET can climb by 25% to hit $1.80