Fetch AI (FET) Price Rally to Continue As Open Interest Points Upwards

FET, the native cryptocurrency of the popular decentralized artificial intelligence platform Fetch.ai, has been on a mega bull run hitting its all-time high of $3.37 earlier today. As of press time, Fetch AI (FET) is trading at $3.28 with a market cap of $2.7 billion while occupying a space in the list of top 50 cryptocurrencies by market cap.

Fetch AI (FET) Price Rally To Continue

The beginning of the FET price rally dates back to earlier February 2024, when it was trading at a meager $0.50. However, amid a major boost in the artificial intelligence market, AI tokens including Fetch AI triggered a major rally giving a staggering 500% returns in the last two months.

The growth in the token is supported by substantial buying volume, as evidenced by the On-Balance Volume (OBV) indicator. Although there was a slight decline in OBV over the past two weeks, the overall buying momentum remains strong, with the Relative Strength Index (RSI) consistently above 50, indicating a sustained uptrend.

Traders can utilize Fibonacci retracement levels, calculated from the Fetch AI rally between February and March, to identify critical points. The token demonstrated resilience by halting its pullback at $2.15, surpassing the 50% retracement level at $1.81, which reflects investors’ strong confidence in the ongoing uptrend. Extension levels at $4.74 and $5.74 present potential profit-taking opportunities that investors may currently be considering.

Over the last week, the trading volume of the coin has surged by 59.0%, exhibiting an opposite trend compared to the overall circulating supply, which has declined by 0.6%. As a result, the circulating supply now stands at 1.04 billion, accounting for approximately 90.5% of its maximum supply of 1.15 billion. Based on our data, FET currently holds the #42 position in terms of market capitalization, valued at $3.51 billion.

FET Open Interest Points Upwards

The surge in trading volume and minimal pullback suggested a prevailing bullish sentiment within the 1-day timeframe. Data from Coinalyze revealed a consistent uptrend in both Open Interest and spot CVD within the low timeframe data.

This scenario reinforced the notion that speculators harbored optimistic long-term outlooks, particularly when the price surpassed $2.8 on March 26. Such trends could also be interpreted as further evidence of bullish sentiment.

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