Mapping FET’s path to $0.24 as AI crypto sector posts its best week in months
In the coming days, if FET prices can push to $0.205 and stay there, it would be a good sign of a bullish continuation.
The crypto AI sector has posted a stellar performance recently.
CoinMarketCap data showed that the sector has gained 16% in cumulative market capitalization over the past week. Some of the leading tokens in this category have also posted massive gains.
The most notable among them were Bittensor [TAO] and Render [RENDER], which were up 54% and 42% for the week, respectively. By comparison, Artificial Superintelligence Alliance [FET] has managed a respectable 35.8% rally.
In doing so, it has begun to shift its long-term trajectory bullishly and is challenging a key resistance level. These gains could continue if the crypto AI sector continues to outperform the market.
Assessing the potential for a FET trend shift
From November to late January, the $0.195 level had been a support level. It was breached and at the time of writing, being tested as a resistance. FET’s reaction at the $0.185 local resistance was encouraging.
Over the past two days, bulls struggled to find a way above. In recent hours of trading, the selling pressure seems to have been exhausted. It has left the path free for FET bulls to reclaim the $0.195 resistance.
The moving averages outlined the bearish momentum that had been dominant till this week’s trading. The CMF has climbed past the zero line to show capital inflows to the FET market.
Rising demand can set up a strong rally for the AI altcoin. However, traders should note that the swing structure of FET remained bearish. The break of $0.185 was only an internal shift.
The $0.24 swing high precipitated February’s low at $0.134, marking it as the swing high for bulls to overcome to shift the long-term trend bullishly.
Short-term FET opportunity
The liquidation heatmap showed that the $0.195-$0.205 area was a local magnetic zone. The $0.240-$0.254 was the next liquidity cluster overhead.
In the coming days, if FET prices can push to $0.205 and stay there, it would be a good sign of a bullish continuation. On the other hand, a quick rejection from the liquidity cluster overhead would be indicative of seller dominance.
Traders would want to see prices accepted above $0.20 before they look to target the next move to $0.24, which aligns with the swing high on the daily chart.
Final Summary
- The crypto AI sector has been a runaway bullish one over the past week, with a clear lead over other sectors.
- FET has been one of the strong altcoins within the AI sector, and it could continue its bullish trajectory this week too.
