The post FET Shows Bullish Reversal After 62% Drop, 45% Rally Imminent? appeared first on Coinpedia Fintech News
After a notable price drop in the past few days, Artificial SuperIntelligence Alliance (FET), the world’s leading AI crypto token, is poised for an upside move as it has reached a key price reversal level. The token hit this level after experiencing a significant 62% decline amid ongoing economic tensions between the United States, Canada, Mexico, and China.
Artificial SuperIntelligence Alliance (FET) Technical Analysis
According to CoinPedia’s technical analysis, FET appears to be forming a bullish double-bottom price action pattern on the weekly timeframe and is currently at a crucial support level of $0.75, which has a history of strong price reversals. Additionally, FET’s weekly chart is showing a bullish divergence, signaling a potentially significant price reversal.
FET Price Prediction
Based on recent price action and current market sentiment, if the AI token holds above the $0.72 level, there is a strong possibility it could surge by 45% to reach its first resistance level of $1.10 in the near future.
On the positive side, FET is trading above the 200 Exponential Moving Average (EMA) on the weekly timeframe, indicating that the asset is in an uptrend.
Bullish On-Chain Metrics
This strong bullish price action has attracted significant attention from traders and investors, as revealed by on-chain analytics firm Coinglass. At press time, FET’s Open Interest (OI) has surged by 25%, indicating a substantial increase in open positions over the past 24 hours.
Meanwhile, spot inflow/outflow data reveals that exchanges have seen an outflow of $1.09 million worth of FET tokens, indicating potential accumulation, which could create buying pressure and drive upside momentum.
When combining these on-chain metrics with technical analysis, it appears that bulls are currently in control of the asset and have the potential to keep the token above the crucial support level of $0.75.
Current Price Momentum
FET is currently trading near $0.77 and has experienced a modest price surge of over 1.20% in the past 24 hours. However, during the same period, its trading volume jumped 43%, representing increased participation from traders and investors compared to the previous day.