The Artificial Superintelligence (FET) token is on the brink of a substantial price surge, fueled by its positive on-chain data and the potential for a breakout. Despite the prevailing bearish sentiment in the market, FET has seen a remarkable 28% increase over the last four days, outpacing major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Is FET Set to Sustain its Bullish Momentum?
An analysis on TradingView indicates that FET’s current outlook remains bullish, with the token trading above the 200-day Exponential Moving Average (EMA) on a daily time frame. Traders often rely on this indicator to gauge whether an asset is in an uptrend or downtrend. Furthermore, FET is encountering strong resistance around the $1.5 mark.
Historically, whenever FET has approached this price level since July 2024, it has faced selling pressure. Nonetheless, the current market sentiment around FET appears different, with growing investor interest. Based on past price patterns, a daily close above $1.5 could potentially propel FET by 26% to reach $1.95 or higher.
Insights from On-chain Data
Further cementing FET’s bullish stance are on-chain metrics. Coinglass’s FET Long/Short ratio currently stands at 1.03, indicating a prevailing bullish sentiment. A ratio above 1 signifies more traders betting on FET’s price appreciation. Additionally, the token’s Futures Open Interest has surged by 25% in the last 24 hours, showing a consistent uptrend since September 6th.
The combination of a rising Futures Open Interest and a Long/Short Ratio exceeding 1 presents a promising opportunity for traders and investors to establish their positions, be it long or short.
As of now, FET is trading close to $1.40, following an 8% upsurge in the past 24 hours. Trading volume has also spiked by 40% during the same period, indicating heightened trader engagement amidst the ongoing price recovery.