Over the past 24 hours, Artificial Superintelligence Alliance (FET) has experienced a decrease of more than 11%, accompanied by a significant surge of over 150% in daily trading volume. A closer look at the weekly FET/USDT chart reveals a bullish trend, with the price showing resilience above the $1.74 mark, a crucial level that could signal a shift in market dynamics.
From its September low of $0.5, FET has steadily climbed to reach $1.74, forming a solid uptrend characterized by higher lows and higher highs, indicating robust buying activity in the market.
The $1.74 level is pivotal as it acts as a pivotal area between bullish and bearish sentiments. Despite this, the presence of a small bullish wick below the latest candle indicates a potential continuation of the uptrend.
This slight wick signifies buyers’ efforts to drive prices higher, even though some resistance may be encountered around the $2 mark. Given the chart patterns, a potential price surge to $3.5 seems plausible, building on the existing positive momentum in the market.
If the uptrend remains steady and market conditions remain favorable, achieving or surpassing the $3.5 target in the coming weeks or months could be a realistic possibility. This would represent a significant increase of over 99% from the current price level.
Identifying Critical Liquidation Levels for FET
A closer look at the 24-hour FET/USDT liquidation heatmap on Binance reveals crucial liquidity areas and potential risks associated with leveraged positions.
With FET hovering around $2.00, there is an excess of $1.2 billion worth of leveraged positions at risk of liquidation, particularly if prices rise beyond this average range.
The $1.8 mark is a vital support level, given the substantial liquidations anticipated at this point, which could trigger further downward price movement.
On the flip side, a resistance zone is observed near $2.1, where liquidations might drive prices upwards, indicating potential price volatility gravitating towards these key liquidity zones and influencing market dynamics significantly.
Insights from Daily Active Addresses
Analysis of FET’s on-chain activity unveils interesting trends in network engagement over time, with recent peaks in active addresses reaching new highs. Notably, spikes in active addresses appear to be correlated with price surges.
This trend hints at increased network activity often aligned with price upticks, potentially signaling heightened trading activity or buying pressure in the market.
Furthermore, the surge in new addresses during these periods could suggest growing user adoption or increased interest in FET.
In contrast, addresses with zero balances do not demonstrate a consistent relationship with price movements, implying their minimal impact on price dynamics but rather reflecting post-transaction states.
This activity complements FET’s bullish price performance, indicating that as more users interact with the network, either through transactions or holding FET, the demand for the token grows, signaling a bullish outlook for the asset.