Over the past week and month, the Artificial Superintelligence Alliance Price Prediction [FET] has seen a downward trend with declines of 28.34% and 48.81% respectively.
Investors have been wary, fearing a potential price crash due to weakening in the AI sector.
Despite the bearish market sentiment, CryptoCrypto analysis suggests that there is a chance of a price rally for FET in the upcoming days.
Surge in Buying Activity
There has been a notable increase in buying activity for FET despite the recent market crash.
Within the last 48 hours, $6.13 million worth of FET was bought and transferred to private wallets, based on exchange netflow data provided by Coinglass.
This surge in buying led to a significant gain of 31.25% in FET over the past 24 hours, reaching $0.77, supported by a strong buying momentum of about $706 million, marking a 75% rise.
Although this rise signals the potential for further increase in FET value, derivative traders hold varied opinions on the matter.
Mixed Sentiment and the Possibility of a Crash
While there are bullish formations, derivative traders’ sentiments are mixed.
The current Funding Rate stands at 0.0127%, indicating a bullish stance where long traders show more confidence in a potential rally by paying a premium to uphold their positions.
A positive Funding Rate usually aligns with an upward price movement, particularly when backed by increasing volume.
Open Interest (OI) has shown a 7.64% rise to $76.7 million in the last 24 hours, implying a shift in sentiment on the chart.
The OI measures the liquidity flowing in and out of an asset among derivative traders, reflecting their actions in opening or closing contracts. In the context of FET, the rising OI suggests a positive signal of liquidity inflow.
However, a closer look at the OI chart reveals a downward trajectory despite recent gains. If this trend persists, FET could reverse its course and experience further losses.
What Lies Ahead for FET?
FET’s current situation indicates the potential for either a rebound or a continued decline, given its critical support level at $0.780.
While there’s a chance for a surge towards the $2.70 mark from this support level, market fractality hints that FET might break below $0.780, similar to breaching the $1.104 level, leading to further dips. The outcome will depend on whether bullish momentum weakens and bears seize control.