- The price of FET has risen by 12% in the last 24 hours
- However, buying pressure on the token remained high across the board
Alliance for Artificial Super Intelligence [FET] has outperformed several cryptos in the past 24 hours with a double-digit price increase on the charts. In fact, the latest price pump pushed the token above its critical resistance. According to AMBCrypto’s analysis, this move could push the price of FET to $3 soon!
FET to $3 next?
At the time of writing, FET was trading at $1.83, having risen significantly by more than 12% in the last 24 hours alone. Thanks to the same, over 97,000 FET addresses are now profitable – accounting for over 78% of the total number of addresses.
Furthermore, the price pump also resulted in a sharp decline in the token’s realized losses. A drop in this metric usually means that the total loss of coins that moved at a higher price than the current price has fallen.
Source: Glassnode
While that was happening, ZAYK Charts pointed out a notable development. According to the analyst’s analysis tweetThe rise in FET prices allowed FET to rise above a resistance level. To be precise, the token managed to break out of a descending trendline, which indicated a further price increase in the coming days.
If that happens, investors could soon see the token hit $3 – a target the token reached during the March 2024 bull rally.
Source:
Is the way clear for us?
While the breakout suggested a rally to $3, to double-check, AMBCrypto reviewed the token’s on-chain data to find out if any hurdles lie ahead.
According to our analysis of Santiment data, buying pressure has remained high. This was reflected in the increase in the supply of FET outside the exchanges, while the supply on the exchanges decreased. The fact that investors bought FET was further proven by the spike in currency outflows. However, the whales had other plans.
The supply of the token held by top addresses showed a decline, indicating that some deep-pocketed players have sold off their holdings. This can be a profitable move, often leading to price corrections.
Source: Santiment
Therefore, AMBCrypto next checked the token’s daily chart. The technical indicator MACD showed a clear bullish advantage on the market. Moreover, the Chaikin Money Flow (CMF) also climbed the chart.
An increase in its value means that buying pressure also increases, and this is a net accumulation across the board. Together, these indicators pointed to a continued price increase towards $3.
Read Alliance for Artificial Super Intelligence [FET] Price forecast 2024-25
However, it is worth pointing out that the price of the token reached the upper limit of the Bollinger Bands at the time of writing. When that happens, a potential price correction could be just around the corner.
Source: TradingView
