FET Surpasses BTC, ETH, and SOL in Daily Gains: Is the Market Trend Changing?
Artificial Superintelligence (FET) seems primed for a notable price upswing, fueled by its optimistic on-chain data and the potential for a breakout. Despite the prevailing negative market sentiment, FET has surged by more than 28% in the last four days, outpacing key cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Can FET Sustain its Bullish Momentum?
An examination of TradingView by CryptoCrypto indicates that FET’s prospects are currently bullish, as it trades above the 200-day Exponential Moving Average (EMA). Market participants frequently rely on this indicator to determine if an asset is trending upward or downward. Furthermore, FET is encountering significant resistance near the $1.5 mark.
Historically, whenever FET has approached this level since July 2024, it has encountered selling pressure. Nevertheless, the prevailing sentiment around FET appears unique, with growing investor interest becoming notable. Therefore, based on its past price action, a daily candle closure above $1.5 could potentially propel FET by 26% toward the $1.95 level or beyond.
Insights from On-Chain Data
On-chain metrics further reinforce FET’s bullish outlook. Coinglass reports a FET Long/Short ratio of 1.03, indicating a prevailing bullish sentiment in the market. An index above 1 suggests that more traders are optimistic about FET’s price trajectory. Additionally, the Futures Open Interest for FET surged by 25% within the last 24 hours, showing a consistent uptrend since September 6th.
This confluence of rising Futures Open Interest and a Long/Short Ratio exceeding 1 presents a lucrative opportunity for traders. This setup is commonly used by investors to establish their long or short positions.
As of the latest data, FET is priced near $1.40, marking an 8% surge in the past day. Notably, its trading volume has increased by 40% during the same period, signaling heightened engagement from traders amid the ongoing price recovery.