The price of the cryptocurrency Artificial Superintelligence Alliance [FET] increased by 16%, reaching a three-month high of around $0.23. At the time of writing, FET was trading at approximately $0.229. The significance of this rise is confirmed by increased trading activity: the 24-hour trading volume rose by 44%, amounting to $61 million, which is also a three-month record. One of the reasons for the recovery in FET's price was the movement of buyers observed after the previous decline. The spot market purchase volume for 24 hours amounted to 123 million FET, with the buy-sell ratio in this segment showing that demand exceeded supply– the delta amounted to more than 9 million FET. However, it is worth noting that the net flow on exchanges remained negative, reaching -241,000 FET, indicating that tokens were leaving exchanges faster than they were arriving.
Derivative traders also showed activity: the trading volume for derivatives increased by 63%, reaching $272 million, and open interest rose by 21% to $125 million. The long-short ratio on Binance Exchange showed a strong predominance of long positions among measured traders, with a ratio exceeding 2. This position is not yet widespread in the broader derivatives market, where the overall ratio remained below 1.
According to directional indicators, support for current price movements remains: the positive indicator rose to 33, while the negative fell to 8. The Relative Strength Index (RSI) is also in bullish territory. If demand for FET continues, this cryptocurrency may hold the $0.23 level and advance to the $0.28 mark. However, considering that traders previously took profits after the previous rise, the $0.20 level may come under pressure again. In summary, FET rose by 16% to a three-month high of around $0.23 amid increased buying volume and daily turnover, while open interest also saw growth, albeit with a split among derivative traders.
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