Artificial SuperIntelligence Alliance (FET) Poised for an Upside Move as it Reaches a Key Price Reversal Level

After a notable price drop in the past few days, Artificial SuperIntelligence Alliance (FET), the world's leading AI crypto token, is poised for an upside move

Artificial SuperIntelligence Alliance (FET), the world’s leading AI crypto token, is up for an upside move as it has reached a key price reversal level following a notable price drop in the past few days.

The token hit the crucial support level of $0.75, which has a history of strong price reversals, after experiencing a significant 62% decline amid ongoing economic tensions between the United States, Canada, Mexico, and China.

Artificial SuperIntelligence Alliance (FET) Technical Analysis

As observed in the weekly timeframe, FET appears to be forming a bullish double-bottom price action pattern and is currently at a crucial support level.

Moreover, FET’s weekly chart is displaying a bullish divergence, which could indicate a potentially significant price reversal.

FET Price Prediction

Considering the recent price action and current market sentiment, if the AI token manages to hold above the $0.72 level, there is a high probability that it could surge by 45% to reach its first resistance level of $1.10 in the near future.

On the positive side, FET is trading above the 200 Exponential Moving Average (EMA) on the weekly timeframe, which indicates that the asset is in an uptrend.

Bullish On-Chain Metrics

This strong bullish price action has not gone unnoticed by traders and investors, as highlighted by on-chain analytics firm Coinglass.

At press time, FET’s Open Interest (OI) has increased by 25%, indicating a substantial rise in open positions over the past 24 hours.

Meanwhile, spot inflow/outflow data shows that exchanges have seen an outflow of $1.09 million worth of FET tokens, which could indicate potential accumulation.

When combining these on-chain metrics with technical analysis, it appears that bulls are currently in control of the asset and have the potential to keep the token above the crucial support level of $0.75.

Current Price Momentum

FET is currently trading around $0.77 and has experienced a modest price surge of over 1.20% in the past 24 hours.

However, during the same period, its trading volume jumped 43%, indicating increased participation from traders and investors compared to the previous day.