As of the current moment, the AI-centric token known as Artificial Superintelligence Alliance (FET) appears to be on the brink of a significant upward movement. This is particularly evident as it has formed a positive price pattern on its daily chart.
Optimistic market sentiment
It is important to note that sentiment within the cryptocurrency sphere has improved after the re-election of pro-crypto Donald Trump as the President of the United States.
Due to this development, FET has seen a surge of more than 25% in the last two days. This breakout has led to a daily candle closing above the previously declining channel pattern.
Technical analysis and critical levels for FET
As per CryptoCrypto’s technical analysis, FET is displaying bullish signals post its breakout. With the prevailing positive sentiment, there is a strong chance of it rising by 25% to hit the $1.80 mark soon.
Following the breakout, the daily candle for FET closed above the 200 Exponential Moving Average (EMA) on its daily chart, signaling an upward trend.
For FET to maintain its bullish outlook, it needs to stay above the $1.30 level; otherwise, the trend might reverse.
Encouraging on-chain metrics
The recent breakout of FET has attracted both whales and investors, resulting in a notable increase in large transaction volumes over the past 24 hours. According to the on-chain analytics organization IntoTheBlock, there has been a 56% surge in whale-driven transaction volumes for FET – a highly positive indicator.
Alongside the rise in large transaction volume, FET’s Open Interest has also seen a 7.9% increase in the last day. This uptick in Open Interest suggests a strong belief among traders in the AI-focused token, potentially leading to the establishment of new positions driven by market sentiment.
By combining these on-chain metrics with technical analysis, it can be inferred that the bullish momentum currently dominates FET and could aid in sustaining its upward trajectory.
Current price movement
As of the latest update, FET is trading around $1.38, with a price surge of 1.80% over the past 24 hours. Simultaneously, its trading volume has dropped by 44%, indicating reduced trader participation following a notable surge.