FET Price Aims For 45% Rally, Here’s Why
Zameer Attar3 Nov 20242 min read
Artificial Superintelligence Alliance (FET), the popular token in the Crypto AI sector is now poised for an upside rally after experiencing a price drop of over 35% in recent weeks. The reason for this bullish speculation is FET’s positive price action and recent activity by whales.
Whales and Investors’ Participations
Despite the market downturn, exchange reserves have been continuously falling, indicating that whales and investors are heavily accumulating FET tokens, according to the on-chain analytics firm CryptoQuant.
This positive outlook is further supported by notable large transactions in the past 24 hours. According to the on-chain analytics firm IntoTheBlock, large transaction volume among whales has surged by 65%, suggesting significant participation from industry giants.
However, this notable on-chain activity has emerged as the FET price approaches the crucial support level of $1.12.
FET Technical Analysis and Upcoming Levels
According to the expert technical analysis, FET appears bullish as it is currently at a crucial support level that has historically attracted buying pressure and sparked upward rallies. Additionally, FET is nearing a breakout of its trendline.
Based on the price action and historical momentum, if FET breaks out from this trendline, there is a strong possibility it could soar by 45% to reach the $1.72 level in the coming days. Currently, FET is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend.
Investors and traders often use 200 EMA to determine whether an asset is in an uptrend or downtrend and based on that they place orders accordingly.
Current Price and Open Interest
At press time, FET is trading near $1.17 and has experienced a price decline of over 4.1% in the past 24 hours. During this same period, its trading volume dropped by 30%, indicating reduced participation from traders and investors amid the recent price decline.
Additionally, FET’s open interest has declined by 11%, suggesting the liquidation of traders’ positions as the price approaches a crucial support level.
