Artificial Superintelligence Alliance (FET) has remained on the radar of investors, especially as AI coins have been one of the best-performing altcoins this cycle. In the last 365 days, FET’s price has increased by a staggering 585%.
However, maintaining that momentum has been challenging for the token over the last two quarters. Despite that, FET holders are not letting their guard down. Instead, on-chain data shows rising confidence, which could be vital in taking the altcoin back to its all-time high.
Investors Hold Artificial Superintelligence Alliance in High Esteem
In March, FET reached a new all-time high of $3.47. This was before the ASI merger, which saw the token join forces with SingularityNET (AGIX) and Ocean Protocol (OCEAN). However, FET’s price is currently 60% down from that peak.
Still, the Coins Holding Time reveals that holders refrained from selling. Coins Holding Time shows the amount of time a cryptocurrency has been held without being sold. When it increases, there is less selling pressure.
However, a decrease in this metric indicates dwindling trust in holding the altcoin. In FET’s case, the holding time rose by nearly 500% this week, signifying renewed confidence in the token’s long-term potential.
Read more: How To Invest in Artificial Intelligence (AI) Cryptocurrencies?
Besides this, the Funding rate, which dropped to the negative region on October 5, has recovered to positive territory. The funding rate is the cost of holding an open position in the derivatives market and serves as a barometer of investors’ expectations.
When it is positive, longs are paying shorts, and most 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 decrease.
Therefore, the positive funding rate in FET’s situation reinforces the confidence holders have in the altcoin.
FET Price Prediction: $3 Before the Year Closes
From a technical perspective, FET’s price has bounced off the $1.26 support. As a result, the token has retested $1.40. But going forward, the altcoin might face resistance at $1.85. However, historical data shows that this level is vital to keep the price swinging high.
For instance, in March, as soon as FET hit $1.85, consistent bullish engulfing candles ensured that the price rallied to $3.08. A similar thing also occurred in April as FET jumped to $2.50 after dropping to this point.
Therefore, if FET’s price continues its upswing, it could climb by 115%. If that happens, then the altcoin’s value might hit $3.08 and possibly climb toward $4 in a few months.
Read more: Which Are the Best Altcoins To Invest in October 2024?
However, investors and traders alike need to be careful. Should FET encounter rejection at $1.85, the price might crater, and a retracement to $1.26 could be next.
Disclaimer
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