- Artificial Superintelligence Alliance has a bullish outlook after reclaiming local resistance as support.
- It could rally another 27.7% if the buying pressure can keep climbing.
Artificial Superintelligence Alliance [FET] has rallied 53% in 11 days. During the same time, Bitcoin [BTC] has gained just over 10%. Could FET bulls be preparing for a rally?
FET shows signs of bullishness after climbing past $0.566
Source: FET/USDT on TradingView
On the 1-day timeframe, FET regained its bullish market structure. However, it has been on a long-drawn-out downtrend, so investors can wait a while longer before buying.
Swing traders can look for long positions as the price is above the $0.566 level that marked the recent lower high.
To the north, the next lower high of interest was at $0.75, making it the next price target. Further higher, there were several key horizontal levels of resistance.
Marked in white, the $1.05 and $1.25 had been particularly important in 2024.
The DMI showed that the bearish trend was replaced by a bullish one. The ADX (yellow) and the +DI (green) were both above 20 to indicate a strong uptrend in progress.
The CMF was at +0.04. A move past +0.05 would signal significant capital inflows and increased buying pressure.
The MACD was on the verge of making a bullish zero line crossover, which would be another sign of buyer dominance. Overall, it appeared likely that the Artificial Superintelligence Alliance token would climb higher.
Source: Coinglass
The 3-month liquidation heatmap showed that the next magnetic zones were at $0.6-$0.63, and then at $0.85. The liquidation levels were sparse to the downside.
This was a clue that FET would likely be pulled higher in the coming days and weeks. Traders should be wary, as the heatmap’s findings do not rule out short-term volatility and pullbacks.
Source: Coinglass
Over the past few days, the taker buy/sell volume has been almost exactly equal. This indicated that the market participants on both sides were equally persuaded to go long or short.
After a few weeks of bearish dominance, this equilibrium could precede a bullish trend.
The trend of Bitcoin could have a heavy influence on FET’s price movements. Traders have reason to be bullish, but risk management would remain critical as ever.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion