F.E.T. (Artificial Superintelligence Alliance) is making a strong recovery after experiencing a 10% price hike within the last 24 hours. This positive momentum comes after a decline of 13.39% in October. On-chain data suggests that F.E.T. is working towards recovering its October losses and here’s how.
The altcoin’s price has risen from $1.10 to $1.25, indicating a significant increase in value. This surge is attributed to the growing buying pressure in the market. The Bull Bear Power (BBP) indicator, which determines the strength of buyers versus sellers, has shifted to the positive region after remaining in the red area since November 1. This shift signifies that bulls currently have the upper hand, potentially leading to further price growth if the trend continues.
The Money Flow Index (MFI), an indicator that measures buying and selling pressure, also suggests a swift recovery for F.E.T. A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the altcoin strengthens.
Looking ahead, the IOMAP tool indicates that F.E.T. faces a significant resistance level at $1.28, where a large number of addresses hold a substantial amount of tokens. Breaking through this level could open up further upside potential for the altcoin. The accumulation of tokens at this level suggests that if buyers manage to push the price beyond $1.28, F.E.T. could gain strong momentum.
If buying pressure continues to increase, F.E.T. could potentially rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin’s price might pull back, and F.E.T. could drop to $1.10. Overall, the current recovery trend is promising for F.E.T. as it aims to recover its October losses.