FET Price Sets Its Sights on a 45 Surge Heres the Reason Behind It
The Artificial Superintelligence Alliance (FET), a well-recognized token in the Crypto AI domain, is on the verge of a potential price surge following a significant downturn of more than 35% in recent weeks. This optimistic outlook is driven by FET’s recent positive price movements and the actions of large investors, commonly referred to as whales.
### Whale Activity and Investor Engagement
Amidst the prevailing market slump, the reserves on exchanges have consistently decreased, signaling that whales and investors are actively accumulating FET tokens, as reported by the on-chain analytics firm, CryptoQuant. This encouraging trend is bolstered by substantial transactions observed over the past 24 hours. According to another analytics firm, IntoTheBlock, the volume of large transactions among whales has increased by 65%, reflecting heightened involvement from key players in the industry.
This significant on-chain activity is occurring as the price of FET nears a pivotal support level of $1.12.
### FET Technical Analysis and Future Projections
Expert technical analysis indicates a bullish sentiment for FET as it approaches a crucial support threshold that has historically attracted buying interest and triggered upward movements. Moreover, FET seems poised for a breakout from its current trendline.
Source: Trading View
Considering the recent price trends and historical momentum, if FET manages to break free from this trendline, it could potentially rise by 45%, targeting the $1.72 mark in the upcoming days. At present, FET is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, signaling a prevailing downtrend. Investors and traders frequently utilize the 200 EMA to assess whether an asset is experiencing an uptrend or downtrend, which influences their trading decisions.
### Current Price Status and Open Interest
As of now, FET is trading at approximately $1.17, having experienced a decline of over 4.1% in the last 24 hours. During the same timeframe, trading volume has dropped by 30%, suggesting diminished activity from traders and investors in light of the recent price decrease. Additionally, FET’s open interest has fallen by 11%, indicating that traders are liquidating their positions as the price nears a critical support level.
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