The Artificial Superintelligence Alliance (FET) token, a prominent player in the Crypto AI sector, is on the verge of a potential upward rally. This comes after the token experienced a significant price drop of over 35% in recent weeks. The optimistic outlook for FET stems from its recent positive price action and substantial activity observed among large-scale investors, commonly referred to as whales.
Whales and Investors’ Participation
Despite the recent market downturn, exchange reserves for FET have been consistently declining. This trend indicates that whales and investors are actively accumulating FET tokens, as noted by the on-chain analytics firm, CryptoQuant. The positive sentiment surrounding FET is further reinforced by the occurrence of notable large transactions. According to data from IntoTheBlock, the volume of large transactions among whales has surged by 65%, highlighting significant involvement from industry heavyweights. This increased on-chain activity is taking place as FET’s price approaches the critical support level of $1.12.
FET Technical Analysis and Upcoming Levels
Expert technical analysis suggests a bullish outlook for FET, as it currently stands at a crucial support level that has historically attracted buying interest and triggered upward rallies. Additionally, FET is on the brink of breaking out from its trendline. Based on historical momentum and current price dynamics, a breakout from this trendline could potentially propel FET to soar by 45%, reaching the $1.72 level in the near future.
As of now, FET is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a prevailing downtrend. The 200 EMA is a widely used indicator by investors and traders to assess whether an asset is trending upwards or downwards, guiding their trading decisions accordingly.
Current Price and Open Interest
At the time of writing, FET is trading near $1.17, having experienced a price decline of over 4.1% in the past 24 hours. During this period, its trading volume has decreased by 30%, signifying reduced participation from traders and investors amidst the recent price drop. Furthermore, FET’s open interest has declined by 11%, indicating the liquidation of traders’ positions as the price nears the critical support level.
The ongoing developments and technical indicators suggest that FET may be poised for a notable price rally. However, investors and traders are advised to closely monitor market dynamics and on-chain activity to make informed decisions. As the Crypto AI sector continues to evolve, FET remains a token to watch in the coming days and weeks.
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