The Artificial Superintelligence Alliance (FET) experienced a decline of over 11% within the past day, accompanied by a notable 150%+ increase in daily trading volume. Upon analyzing the weekly FET/USDT chart, bullish signals emerged with the price holding above $1.74, a level crucial for any structural shifts to occur.
Starting from $0.5 in September, FET’s price exhibited a consistent uptrend, reaching $1.74 at present. The market’s pattern showcased a series of higher highs and higher lows, demonstrating robust buying pressure in the market.
The significance of the $1.74 level lies in its role as a decisive point between bullish and bearish market sentiments. Despite a minor bullish wick below the current week’s candle, indicating a potentially continued uptrend.
This slight wick represents buying interest striving to drive prices up, although a resistance zone near $2 could pose a challenge. The chart patterns suggest a plausible move towards $3.5, building on the prevailing bullish momentum.
If the uptrend sustains its vigor and market conditions remain favorable, the prospect of surpassing the $3.5 threshold in the coming weeks or months appears achievable. This would signify a surge of more than 99% from the current price levels.
FET’s Crucial Liquidation Areas
Examining the 24-hour FET/USDT liquidation heatmap on Binance illuminates key areas of liquidity and potential risks associated with leveraged positions.
At around $2.00, there’s a risk of over $1.2 billion in leveraged positions facing liquidation, particularly if prices climb above this average level. The $1.8 support level plays a pivotal role, given the substantial liquidations at this point could trigger further price drops.
On the flip side, the resistance zone hovers near $2.1, where liquidations might catalyze upward price movements. Such scenarios underscore the likelihood of heightened volatility, with prices gravitating towards these zones of significant liquidity, influencing market dynamics notably.
Activity of Daily Active Addresses
An in-depth analysis of FET’s on-chain activity unveils clear trends in network engagement levels over time, with recent peaks in active addresses hitting record highs. Notably, spikes in active addresses aligning with price upticks indicate a correlation between network activity surges and price appreciation.
These trends imply increased buying pressure or heightened trading activities. Moreover, the spikes in new addresses during these periods suggest potential new user adoption or heightened interest in FET.
In contrast, zero balance addresses exhibit inconsistent patterns with price movements, implying a lack of direct influence on prices but rather reflecting post-transaction states. This data aligns with FET’s bullish momentum, implying rising demand as more users interact with the network, either via transactions or by holding FET.