The Artificial Super Intelligence Alliance (FET) is one of the top-performing stocks right now, recording a 10% increase in the past 24 hours. This FET recovery contrasts with its performance in October, when its price fell by 13.39%.
After this recovery, on-chain data shows that the altcoin may be working to erase those losses. Here’s how it’s done.
The Artificial Super Intelligence Alliance notices buying pressure.
Yesterday, the price of FET was $1.10. But as of the time of writing this article, the value of the altcoin has risen to $1.25. According to the 4-hour chart, the price of FET has increased significantly due to increased buying pressure.
Notably, Bull Bear Power (BBP) jumped into positive territory after being in the red since November 1. BBP indicates whether the buying power is greater than the selling power.
When the reading results are negative, the bears are in control. Therefore, in this case, the bulls are in charge. Thus, the value of the altcoin may continue to rise if this remains unchanged.
FET Bull Bear Power. Source: TradingView
The Money Flow Index (MFI) is another indicator that shows the FET recovery could be swift. MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET.
The increase in MFI indicates rising buying pressure, which supports the potential for further price increases as demand for the asset strengthens. Therefore, if the bulls maintain this upward momentum, the price of the altcoin could continue to rise.
FET Money Flow Index. Source: TradingView
FET price prediction: Token to breach resistance.
Since IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, this suggests that breaking through this level could open up further upside potential.
Notably, the IOMAP tool classifies addresses based on whether they are in profit, break-even, or loss at the current price level.
This accumulation zone acts as an important psychological barrier. The volume of tokens accumulated here is significantly higher than the amount held in the range from $1.06 to $1.25, signaling that if buyers attempt to push the price above $1.28, FET could gain strong momentum.
FET inflows/outflows around pricing. Source: IntoTheBlock
Therefore, if buying pressure continues to increase, FET could rise to $1.44. However, if the bulls cannot break the resistance threshold, the altcoin price may drop back, and FET could fall to $1.10.