The FET token, associated with crypto-AI, has risen by 25% in recent days, attracting attention from crypto enthusiasts. Reports suggest it may continue to rally due to forming a bullish pattern on its daily chart.
FET Technical Analysis and Forecast
According to expert analysis, FET recently broke out of a falling channel and closed above a crucial resistance level. This shift from a downtrend to an uptrend could lead to a further 25% increase to reach the $1.78 level. However, a minor resistance at $1.51 may challenge this ascent. Staying above the $1.31 level is essential for maintaining its bullish trend.
FET's Bullish On-Chain Metrics
On-chain analytics from IntoTheBlock highlight a 61% surge in large transaction volumes for FET, indicating strong participation from whales and institutions. Moreover, open interest has increased by 8.5% in the last 24 hours, reflecting growing trader positions and shifting market sentiment.
Market Sentiment Shift
As of this writing, FET is trading around $1.41 with a price increase of over 2.15% in the past 24 hours. However, trading volume has dropped by 43% during the same period, suggesting decreased activity from traders and retail investors.
The FET token showcases strengths through technical analysis and positive on-chain metrics. Future indicators and evolving market trends will be crucial in determining its potential growth.
