The digital currency Artificial Superintelligence Alliance [FET] has been creating a buzz in the world of cryptocurrencies due to its recent bullish price action and a notable price surge.
The current market sentiment is a bit perplexing as Bitcoin [BTC] approaches the $100,000 threshold once again, showing a remarkable 1.36% upward trend, while other digital assets are facing challenges.
FET outshines BTC and ETH
Amidst this market ambiguity, FET has observed a 7.5% upward movement in the last 24 hours, leading to a significant surge in trading volume by 92.5% during the same period.
As per insights from the analytics company Coinglass, FET has displayed a positive outlook, attracting both long-term investors and traders to take long positions.
Market sentiment fuels FET’s upsurge
Data from spot inflow/outflow indicates that exchanges have seen an outflow of nearly $1 million worth of FET tokens in the past day.
In the realm of cryptocurrencies, outflow signifies the transfer of assets from exchanges to wallets, which is viewed as a bullish indication. This movement can generate an upward trend and boost buying pressure on the asset.
Besides the recent accumulation by long-term holders, traders have also displayed significant interest in the alternative coin, exhibiting notable preferences for long positions.
The Binance Long/Short Ratio by Coinglass stood at 4.06 currently, underscoring a robust bullish sentiment in the trading community.
Data also reveals that in the last 24 hours, 80.23% of the top traders on Binance established long positions, while 19.77% opted for short positions.
Technical assessment and crucial thresholds
According to the technical analysis conducted by CryptoCrypto, FET recently broke out of a narrow consolidation phase and initiated an upward trajectory.
The asset has reexamined the 200 Exponential Moving Average (EMA), indicating a successful breakout and a likelihood of further upward momentum.
Considering the recent price action and technical evaluation, there is a high probability that FET could surge by 30% to achieve the $2.05 level in the near future.
Moreover, FET’s Relative Strength Index (RSI) was at 56 at the time of reporting, suggesting that it was below the overbought region, hinting at possible additional upward momentum in the upcoming days.