- The Artificial Superintelligence Alliance token’s 55% of the total holders were in profit at press time.
- The supply inflation of the FET token was very high, resulting in 266.0%.
The Artificial Superintelligence Alliance (FET) advanced by 63% last month. This rapid ascent was marked by the FET price trading above a significant level. Over a long-standing wedge pattern, it further broke out.
With the price trading above key levels and highly volatile at 12.51%, is FET gearing up for greater heights?
FET Price: Market Growth And Stability
With a considerable surge in the FET price, the token has secured the #24 market cap ranking on CoinMarketCap. Its traded volume has surged by 17.5%, bringing the total traded value to $220.134 Million. It accounted for 6.53% of the token’s overall market capitalization.
The Artificial Superintelligence Alliance token‘s market presence remains robust, boasting a market cap dominance of 0.16%. Its market capitalization stands at $3.382 Billion, which has increased by 2.6% in the last 24 hours. This growth underscored the token’s strong financial health and market stability.
The token has also achieved high ratings in various aspects of its performance. It received a financial health score of 95/100, alongside an impressive governance score of 96.02.
Furthermore, the FET token demonstrated strong security, scoring 93.74, contributing to its global ranking of #18. The token is classified within the AA tier, further validating its strong market position and reliability.
What Do Derivatives Of Artificial Superintelligence Alliance Crypto Indicate?
The open interest in the token has declined by 7.5% in the last 24 hours. This was followed by an increase of 24% in derivative volume. The current open interest for the Artificial Superintelligence Alliance crypto was worth $63.04M.
The long liquidation recorded for the token was much less than that for the token. Moreover, the token’s long liquidation was worth $113.78K, and the short liquidation was $311.79K.
The following derivatives data indicated bears’ dominance in FET price, followed by the surge in the spot and derivatives volume.
What Does the FET Token Technical Chart Show About the Token?
The FET token has been trading in a strong downtrend for an extended period. It was primarily driven by consistent profit-taking over the last four months.
This prolonged decline has resulted in a falling wedge pattern, a typical sign of potential reversal. During this downtrend, the FET crypto price has dropped by over 75% from its swing high of $3.4850.
In recent price action, however, the Artificial Superintelligence Alliance token broke out above the falling wedge pattern. It has managed to sustain its position above this critical resistance level.
This breakout indicated a shift in market sentiment and reflects strong bullish behavior. It could potentially drive the FET price to higher levels in the coming days. The sustained breakout suggested that FET may be poised for a significant recovery.
Let’s Dive Into The Technical Indicators Of Artificial Superintelligence Alliance Token
Despite the recent surge in price, the 50-day and 200-day EMAs remained on a death cross. This signaled the persistence of bearish pressure. However, the FET crypto price has recently tested the 200-day EMA, indicating a potential shift in momentum.
FET/USD Chart by TradingView.com
Suppose the price breaks above the 200-day EMA and maintains its position; a golden cross could emerge. This could signal a strong bullish reversal. This development could attract further buying interest and reinforce the upward trajectory.
Meanwhile, MACD and its signal line were advancing toward bullish territory. It was supported by the formation of bullish histograms on the chart.
The Relative Strength Index (RSI) has also entered the overbought zone, trading at 57 at the time of writing. This indicated strong bullish momentum, further supported by the RSI’s break above the 14-day SMA. These indicators collectively suggested the potential for continued price strength soon.
The FET price might take support at $0.20 and $0.520. This would be followed by the resistance levels of $2.50 and $3.480.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.