The Future of Encryption and AI (FET) is a leading crypto AI token that has received significant attention from crypto enthusiasts after a recent 25% price surge. Despite the impressive performance, FET is still expected to rebound further as it has formed a bullish price action pattern within the daily time frame.
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FET Technical Analysis and Upcoming Levels
According to expert technical analysis, FET recently broke out of a descending channel price behavior pattern and closed above a key resistance level and the top of that pattern. This price action has shifted FET's sentiment from a downtrend to an uptrend.
After the breakout and close, the asset is likely to surge 25% to the $1.78 level in the coming days. However, achieving this 25% gain is not easy, as there is a minor obstacle at the $1.51 level, which may act as resistance in the coming days.
The bullish case for FET remains valid only as long as it stays above $1.31, otherwise, it may decline.
Bullish On-Chain Indicators for FET
On-chain indicators further support the positive outlook for FET. According to data from on-chain analytics firm IntoTheBlock, FET's large transaction volume has surged by 61%, indicating the positive sentiment and recent breakout has attracted the participation of whales and institutions.
Furthermore, the significant increase in large transactions suggests FET holders are optimistic, pointing to potential buying opportunities.
In addition to the transaction volume, FET's open interest has increased by 8.5% in the past 24 hours, indicating traders are increasing their positions as the market sentiment starts to shift.
At the time of writing, FET is trading around $1.41, up over 2.15% in the past 24 hours. However, during the same period, its trading volume has declined by 43%, suggesting lower participation from traders and retail investors.
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