Artificial Superintelligence Alliance [FET] has displayed remarkable performance in comparison to various digital assets over the past day, experiencing a substantial double-digit surge in its price. This recent uptrend propelled the token above a crucial resistance level. Analysis from CryptoCrypto suggests that this upward momentum could potentially drive FET’s price to $3 in the near future!
Potential $3 Price Target for FET
Currently, FET is trading at $1.83, showcasing a significant increase of more than 12% within the last 24 hours alone. Consequently, a notable portion of FET holders, with over 97,000 addresses, are currently in profit, constituting approximately 78% of the total number of addresses.
Moreover, the price surge has led to a notable decrease in the token’s realized losses. Typically, a decline in this metric indicates a reduction in the overall loss of coins that were previously transacted at a higher price compared to the current market value.
An interesting observation from ZAYK Charts highlighted a significant development. According to the analyst’s tweet, the surge in FET’s price enabled it to surpass a key resistance level by breaking out of a descending trendline. This breakout suggests the possibility of further price appreciation in the forthcoming days.
If this trend continues, investors could potentially witness the token reaching the $3 mark – a level last reached during the bull market rally in March 2024.
Assessing the Future Path
Despite the optimistic outlook for a price rally to $3, CryptoCrypto conducted an analysis of FET’s on-chain data to identify any potential obstacles that may lie ahead.
Based on our evaluation of Santiment’s data, there has been a sustained high buying pressure. This is evidenced by the increase in FET’s supply held off exchanges, while its on-exchange supply has decreased. The surge in exchange outflows for FET further confirms investor interest in acquiring the token. However, significant holders seem to have opted to sell their stakes.
A reduction in the token’s supply held by large addresses suggests profit-taking behavior, which often precedes price adjustments.
Subsequently, CryptoCrypto delved into the token’s daily chart. The MACD technical indicator displayed a clear bullish signal in the market, accompanied by an upward movement in the Chaikin Money Flow (CMF).
An uptick in the CMF value signifies a rise in buying pressure and net accumulation overall. These indicators collectively indicate a sustained upward momentum towards the $3 price target.
It is important to note, however, that FET’s price has reached the upper threshold of the Bollinger Bands. In such instances, a potential price correction could be on the horizon.