The price of FET, the token of Artificial Superintelligence Alliance, has surged by 10% in the past 24 hours, signaling a potential recovery from the losses it incurred in October. The price increased from $1.10 to $1.25, marking a sharp rebound after a challenging month in which it saw a 13.39% decline. With growing buying pressure and positive technical indicators, FET is now eyeing a full recovery, though key resistance levels must be overcome for this rally to continue.
A Closer Look at FET’s Recent Surge
The recent increase in FET’s price is a direct result of increasing buying interest. Market data reveals a strong shift in sentiment, with more investors willing to enter the market, driving the price upwards. This surge is particularly notable considering the altcoin’s performance in October, where it underperformed, experiencing a notable price drop.
Key technical indicators now suggest that this recent price move could be the start of a more substantial recovery. One of the most important signs of the altcoin’s recovery is the Bull Bear Power (BBP), which measures the balance of strength between buyers and sellers in the market. The BBP indicator recently entered positive territory after being negative for the first few days of November. When the BBP is positive, it typically suggests that buyers are in control, which could drive further upward movement in the asset’s price.
Moreover, the Money Flow Index (MFI), a tool that gauges buying and selling pressure based on volume and price, has been rising as well. This upward trend in the MFI indicates that buying interest in FET is increasing, supporting the argument that the token could experience sustained price growth as long as this demand continues.
Resistance at $1.28: A Key Barrier
FET’s recovery faces a significant hurdle in the form of a resistance level at $1.28. According to data from the IOMAP (In/Out of Money Around Price) tool, a large volume of FET tokens has been accumulated at this price point, with around 3,590 addresses holding approximately 616.89 million tokens at $1.28. This level represents a strong psychological resistance for traders, as it is a price point where many investors have purchased the token.
If FET is able to break through this $1.28 resistance level, the price could rise significantly, with analysts predicting that the next major target would be $1.44. However, it’s important to note that this resistance level may act as a barrier to further upward movement. If the bulls fail to break through $1.28, it could trigger selling pressure and cause the price to pull back.
Potential Pullback If $1.28 Resistance Holds
While the recent price surge is promising, there is still a risk that FET may face a pullback if it cannot break through the $1.28 resistance. If the price fails to hold above this level, FET could retrace to lower support levels, with the first key support being $1.10. The $1.10 mark represents the level from which FET recently rebounded, and if the price falls below this support, it may indicate that the buying momentum has subsided.
In such a scenario, traders might see this as an opportunity to buy on the dip, especially if market conditions remain favorable. However, a failure to maintain upward momentum and break past $1.28 would certainly put a damper on the altcoin’s recovery.
What to Watch for in the Coming Days
The next few days are crucial for FET’s price trajectory. Investors and traders should closely monitor whether the token can maintain its positive momentum and break through the $1.28 resistance level. A successful breach of this resistance could trigger further buying interest, potentially driving the price to $1.44.
On the other hand, if the price fails to surpass this resistance, it could signal a weakening of bullish sentiment and lead to a pullback toward lower levels. The key to understanding FET’s next move lies in whether buying pressure continues to outweigh selling pressure, which will determine whether the token can reach higher price levels.
Conclusion: FET’s Road to Recovery
In conclusion, FET is showing signs of a promising recovery after a rough October, with a 10% price increase signaling renewed buying interest. While the altcoin faces resistance at the $1.28 level, a break above this price point could propel FET toward its next target of $1.44. However, if the resistance holds, a pullback to lower support levels is possible. Investors should stay alert to market trends and the token’s ability to break through this critical resistance, as the coming days will likely determine whether FET can fully recover its recent losses and continue its upward path.
