FET Successfully Retests Key Support, Will Price Soar to $2?

The Artificial Superintelligence Alliance (FET) appears to be highly bullish and is poised for a significant upside rally, likely due to its breakout confirmation and support from the vice president. 

FET Technical Analysis and Upcoming Level

According to expert technical analysis, FET appears bullish after successfully retesting its breakout level of $1.53, which occurred on September 20, 2024. Based on the historical price momentum, there is a strong possibility that the FET price could soar by 20% to reach the $2 level in the coming days. 

This bullish thesis will only hold until FET remains above the $1.46 level, otherwise, it may fail. Currently, it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend. 

FET Price Momentum

Meanwhile, FET is currently trading near $1.66 and has experienced a price surge of over 3.5% in the past 24 hours. During the same period, its trading volume has skyrocketed by 131%, indicating higher participation from traders and investors amid the vice president’s support.

FET’s On-Chain Data

Whereas, its on-chain metrics are flashing a bearish signal. According to the on-chain analytics firm Coinglass, FET’s Long/Short ratio currently stands at 0.95 level, indicating bearish market sentiment. Additionally, its future open interest has further declined by 3.5% over the past 24 hours, suggesting that traders are either hesitant to build positions or are liquidating their existing positions.

Kamala Harish Support For Crypto AI Sector

On September 23, 2024, United States Vice-President Kamala Harris’s statement, “We will encourage innovative technologies like AI and digital assets while protecting consumers and investors,” turned the sentiment of the Crypto AI sector bullish, resulting in significant upside momentum.

Following the statement, top crypto AI tokens including NEAR Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), and Render (RNDR) have experienced a price surge of over 13%, 5%, 19%, and 12%, respectively, in the last 24 hours.