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FET crypto eyes another 30% rally – Can it happen?
Artificial Superintelligence Alliance’s FET cryptocurrency has been making waves in the market with its recent price action. According to analysts, there is a strong possibility that FET could soar by another 30%, reaching a new all-time high of $2.05.
The article highlights that FET has outperformed some major assets like Bitcoin and Ethereum, including other key altcoins, with an impressive 7.5% upside momentum in the past 24 hours. This surge in price is accompanied by a significant increase in trading volume, which has grown by 92.5% during the same period.
Moreover, data from Coinglass reveals that long-term holders and traders have become increasingly bullish on FET, with 80.23% of top traders on Binance building long positions while only 19.77% are shorting it. This shift in sentiment has led to a noticeable increase in buying pressure on the asset.
In addition to this, data from Coinglass also shows that exchanges have witnessed an outflow of nearly $1 million worth of FET tokens over the past 24 hours. In cryptocurrency, such an outflow is often seen as a bullish sign, indicating increased demand for the asset and, subsequently, upward momentum in its price.
The article’s analysis has concluded that FET’s recent price action suggests a successful breakout above a tight consolidation zone, which could signal further upside momentum. Furthermore, its Relative Strength Index (RSI) was observed at 56 at press time, suggesting it is still below the overbought zone and indicating a strong possibility of additional growth.
Based on this data, it appears likely that FET could see another significant rally, potentially reaching $2.05 in the near future.
Source: ambcrypto.com
