Can FET Jump 60%? – Analysis Responds

The Artificial Superintelligence Alliance (FET) has remained on investors’ radar, especially since the AI ​​coin has been one of the best-performing altcoins this cycle.

The Artificial Superintelligence Alliance (FET) token has maintained a presence on investors’ radars, particularly due to the strong performance of the AI coin throughout the cycle. Over the past 365 days, the price of FET has witnessed an impressive increase of 585%.

However, the token has faced challenges in sustaining this momentum over the past two quarters. Despite this, FET holders have remained optimistic, and on-chain data seems to indicate growing confidence, which could be crucial in propelling the altcoin back to its all-time high.

Investors show strong interest in the Artificial Superintelligence Alliance

In March, FET attained a new all-time high of $3.47, prior to the ASI merger, which saw the token join forces with SingularityNET (AGIX) and Ocean Protocol (OCEAN). Currently, the FET price is positioned around 60% lower than that peak.

Nevertheless, Coin Holding Time reveals that holders have largely refrained from selling. Coin Holding Time showcases the duration a cryptocurrency is held without being sold. When it increases, there is less selling pressure.

Read more: How to invest in Artificial Intelligence (AI) cryptocurrencies?

Conversely, a decrease in this metric indicates decreasing confidence in holding the altcoin. In the case of FET, holding time has increased by almost 500% this week, signifying renewed confidence in the token’s long-term potential.

FET Coin Holding Time. Source: IntoTheBlock

Moreover, the funding rate, which dipped into the negative territory on Oct. 5, has recovered to enter positive ground. The funding rate showcases the cost of maintaining an open position in the derivatives market and serves as a barometer of investor expectations.

When it is positive, longs are paying shorts, and the majority of traders are betting on a price increase. Conversely, negative funding indicates that short positions are dominant, and most traders are anticipating profits from a price decline.

Therefore, the positive funding rate in the FET situation reinforces the confidence that holders have in the altcoin.

FET Financing Tax. Source: Santiment

Price prediction

From a technical perspective, the FET price bounced off the $1.26 support, and as a result, the token retested $1.40. However, the altcoin could face resistance at $1.85. But, historically, this level has been crucial for the price to continue moving higher.

For instance, in March, once FET hit $1.85, consistent bullish engulfing candles ensured the price rose to $3.08. Something similar also occurred in April, when FET jumped to $2.50 after encountering that point.

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Hence, if the FET price continues its ascent, it could be poised for an upsurge of 115%. If that were to happen, then the altcoin’s value could reach $3.08 and possibly climb towards $4 in the coming months.

FET Daily Price Analysis. Source: TradingView

However, investors and traders should exercise caution. If FET encounters rejection at $1.85, the price could face difficulties, and a pullback to $1.26 could be the next step.