A widely followed crypto analyst believes that one artificial intelligence (AI) altcoin project is gearing up for a move to the upside.
The analyst pseudonymously known as The Flow Horse tells his 199,800 followers on the social media platform X that the decentralized artificial intelligence platform for applications Fetch.ai (FET) appears ready to rally based on increasing open interest (OI) and trading volume.
OI is a metric that tracks the amount of a crypto asset’s open leveraged long and short positions.
According to the analyst, FET bulls are aggressively taking on the supply coming into the market using leveraged long positions.
“FET might be a decent bounce from here. OI up on seller absorption, high volume into January lows with a pretty skewed bid/ask.”
Looking at his chart, FET is on the verge of possibly flipping the $0.56 level into support.
FET is trading for $0.566 at time of writing, up more than 4% in the last 24 hours.
Next up, the trader suggests that Bitcoin’s (BTC) halving event in April may be more bullish than prior events because now BlackRock, the financial giant with about $9 trillion in assets under management (AUM), will likely market it around their recently launched spot BTC exchange-traded fund (ETF).
“This Bitcoin halving is different from any other because it is the first time a trillion dollar asset manager will be marketing it.”
Bitcoin is trading for $43,167 at time of writing, up slightly in the last 24 hours.
Next on deck, the trader says that the decentralized oracle provider Chainlink (LINK) appears to remain in an uptrend as the token runs up against the $18 resistance level.
“Impressive continuation type move. I t
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Author: Daily Hodl Staff
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