Fetch.ai's AI-backed token FET has captured market interest again, displaying substantial growth and increased trading volume.
Reasons for FET's Price Surge
After a week of bearish pressure, where the token's price formed continuous lower highs and lower lows, a reversal is observed. The breakout above the key resistance zone of $0.712-$0.715 has led to the exhaustion of bears, allowing bulls to take control of the market.
FET Open Interest Dynamics
According to CoinGlass data, FET's open interest has surged by 6.64%, totaling $107.29M, indicating substantial bullish momentum. However, to confirm the breakout, bulls need to demonstrate consistent green candles on the charts in the coming days.
FET's Outlook Ahead
Despite the positive signals such as high trading activity and a favorable buyer ratio in the market, the open interest remains slightly negative. This suggests the need for an increase in the number of buyers to confirm long-term growth.
In conclusion, while positive signals are present, the future price movement of FET will depend on the buyers' ability to confirm the breakout and ensuring further upward momentum in the market.
