The FET price is close to $2, hinting at a strong buy signal on the chain

The Artificial Superintelligence Alliance (FET) is making waves in the cryptocurrency landscape following its impressive price performance over the past few days. With the dramatic rise in price, the FET confirmed its high breakout from the inverted head and shoulders price action pattern.

FET technical analysis and upcoming standards

According to expert technical analysis, FET looks bullish and is heading towards the next $2 resistance level. It is currently trading above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating a bullish trend. The 200 EMA is a technical indicator used by traders and investors to determine whether an asset is in an uptrend or downtrend.

With the recent inverted neckline breakout and price action pattern, there is a possibility that FET price could rise by 22% and reach the $2 level and higher in the coming days.

However, before reaching $2, a small price correction or retest may occur in the coming days, which is crucial for the upcoming rally.

Bullish on-chain parameters

This bullish attitude is further supported by chain measurements. Coinglass FET's long/short ratio currently stands at 1.041, indicating strong market sentiment among traders. Additionally, its futures open demand has increased by 20% in the last 24 hours and has been growing steadily since early September 2024.

This growth in futures open demand suggests increased investor interest in FET and the upcoming rally. Often, traders and investors combine open interest with the long/short ratio when building long positions.

Momentum of current value of FET

At press time, FET is trading near $1.61 and has experienced a price increase of over 7% in the last 24 hours. During the same period, the trading volume has decreased by 20 percent, which shows that the participation of traders is low.