FET Shows Bullish Reversal After 62% Drop, 45% Rally Imminent?

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.

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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.