Ethereum

bullish

Shift

Solana

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>FET’s bullish on-chain metrics and potential breakout could drive a significant price surge.</li>
 <li>Despite bearish market sentiment, FET has outperformed major cryptocurrencies like Bitcoin, Ethereum, and Solana.</li>
</ul>
<p>Artificial Superintelligence [FET] is showing signs of a potential price surge. This is driven by its bullish on-chain metrics and the possibility of a breakout.</p>
<p>Despite the prevailing bearish sentiment in the market, FET has managed to surge by over 28% in the past four days. This performance surpasses major cryptocurrencies such as <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin [BTC]</a>, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum [ETH]</a>, and Solana [SOL].</p>
<h2 id="trading-above-the-200-ema">Trading Above the 200 EMA</h2>
<p>A look at TradingView reveals that FET’s fortunes seem bullish at the moment. This is because it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. Investors and traders often use this indicator to determine whether an asset is in an uptrend or a downtrend.</p>
<p>However, FET is also facing strong resistance near the $1.5 level. Since July 2024, FET has experienced selling pressure whenever it has reached this level. But the current sentiment around FET seems different as investor interest appears to be continuously increasing.</p>
<p>The historical price momentum suggests that if FET closes a daily candle above the $1.5 level, it could potentially soar by 26% to the $1.95 level or even higher.</p>
<h2 id="on-chain-data-supports-bullish-outlook">On-Chain Data Supports Bullish Outlook</h2>
<p>FET’s bullish outlook is further backed by on-chain metrics. Coinglass’s FET Long/Short ratio was 1.03 at press time, indicating bullish market sentiment. A value above 1 means more traders are betting on FET’s price rise.</p>
<p>In addition, its Futures Open Interest has skyrocketed by 25% in the last 24 hours and has been continuously increasing since the 6th of September. This combination of rising Futures Open Interest and a Long/Short Ratio above 1 presents a potential buying opportunity. Traders and investors often use this setup to build their long or short positions.</p>
<p>At the time of writing, FET was trading near the $1.40 level, after a price surge of over 8% in the last 24 hours. Its trading volume has also skyrocketed by 40% during the same period, indicating higher participation from traders amid the ongoing price recovery.</p>

FET Outperforms BTC, ETH, SOL in Daily Earnings: A Shift in Crypto Dominance?

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CoinEagle.com

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