Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.

Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.

Artificial Superintelligence Alliance Sees Buying Pressure  

Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure. 

Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.

When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same. 

Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?

The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET. 

A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.

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Author: Victor Olanrewaju