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- FET could rise 26% to the $1.95 level or even higher if it closes a daily candle above the $1.5 level.
- FET’s Future Open Interest has skyrocketed 25% in the last 24 hours.
Artificial super intelligence [FET] is poised for a significant price increase, driven by the bullish on-chain metrics and a potential breakout.
Despite the current bearish market sentiment, the FET is up over 28% over the past four days, outperforming major cryptocurrencies like Bitcoin. [BTC]Ethereum [ETH]and Solana [SOL].
Will the FET remain bullish?
AMBCrypto’s look at TradingView revealed that FET’s fortunes looked bullish at the time of writing, as it traded above the 200 Exponential Moving Average (EMA) on a daily time frame.
Investors and traders often use this indicator to determine whether an asset is in an up or down trend.
In addition, FET also faced strong resistance around the $1.5 level.
Source: TradingView
Since July 2024, whenever the FET reached this level, it has experienced selling pressure. However, the current sentiment surrounding FET seemed different as investor interest seemed to be constantly increasing.
So, based on the historical price momentum, there is a high chance that the FET could rise by 26% to the $1.95 level or even higher if the daily candle closes above the $1.5 level.
Data in the chain
FET’s bullish outlook was further supported by on-chain metrics. Mint glass’ The FET Long/Short ratio stood at 1.03 at the time of writing, indicating bullish market sentiment. A value above 1 means that more traders are betting on the price increase of FET.
Meanwhile, the Futures Open Interest has skyrocketed 25% in the last 24 hours, and has been rising continuously since September 6.
Source: Coinglass
This combination of rising Futures Open Interest and a Long/Short Ratio above 1 presented a potential buying opportunity. Traders and investors often use this setup to build their long or short positions.
Read the Artificial Superintelligence Alliance’s [FET] Price forecast 2024–2025
At the time of writing, FET was trading around the $1.40 level, having risen more than 8% in the past 24 hours.
Trading volume has skyrocketed by 40% over the same period, indicating greater trader participation amid the ongoing price recovery.
