Reporter
Published: September 11, 2024
Synthetic Superintelligence Alliance [FET] was among the leaders of the relief rally today. The AI token has actually risen almost 30%, leapt from $1.05 on the 8th of September, and tapped a high of $1.3 on the 10th of September.
The increase tipped the AI token break above essential long-lasting trendline resistance. Will the rally continue?
Source: FET/USDT, TradingView
For context, the last 2 FET healings dealt with cost rejection near the $1.5 level. The another rate rejection can’t be overthrown, the day-to-day rate chart indications recommended the uptrend might extend.
At press time, the need was strong, as revealed by the above-average reading on the RSI (Relative Strength Index). It didn’t struck overbought conditions yet, recommending more possible for the rally.
Offered the bullish market structure, any more rise might yield a prospective 23% or 55% if the rate strikes $1.59 or the supply zone at $2.
The stochastic RSI edged near overbought conditions, providing combined signal and cautions for short-term traders. A drop listed below $1.3 would revoke the bullish outlook.
In such a case, a drop to the assistance zone and day-to-day bullish order block (OB) at $1.05– $1.12 (significant cyan) might follow.
FET’s assessment and belief
Source: Santiment
Regardless of the 30% rally, FET financiers who purchased the AI token in the previous 3 and 6 months remained in losses.
According to the 90-day and 180-day MVRV (Market Value Realized Value), the financiers had latent losses of 72% and 79%, respectively.
This likewise implied that the AI token was still grossly underestimated at existing rates.
Late traders and financiers considering re-entry ought to track whale activities. The current rise was mainly driven by big deals, as revealed by IntoTheBlock information.
On the 10th of September, FET saw an overall volume of $56.14 million, which set off an 11% gain.
Source: IntoTheBlock
Check Out Artificial Superintelligence Alliance’s [FET] Rate Prediction 2024– 2025
In the meantime, bearish bets on the token treked in the acquired markets. At the time of composing, 52% of positions were shorting FET, implying that more speculators anticipated a cool-off from the current rally.
Source: Coinglass
In conclusion, regardless of the upside capacity in the long term, FET might cool down before extending its healing. A retest on the trendline resistance or the assistance zone (significant cyan) might hold the retracement before a possible rally.
Disclaimer: The details provided does not make up monetary, financial investment, trading, or other kinds of suggestions and is exclusively the author’s viewpoint.
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