Several artificial intelligence and data tokens have recovered slightly from their recent lows following a new buy order in the crypto space. FET currently leads the industry tokens in the latest recovery.
This month has been a turbulent period in the market as most altcoins dipped to a new monthly low, although many have seen a notable recovery over the past few days.
Alongside other tokens, FET found support above $1 on Tuesday and started to show signs of strength. Following a bullish engulfing close yesterday, it reiterated actions today and saw the most gains among top AI and Data tokens today.
In fact, the last 48 hours have seen the asset through the most volatile buying session since it initiated another leg down last month. While it is currently changing hands at around $1.58, we can expect more recovery in the coming days if the demand level rises daily.
However, it is important to note that the asset is still under the bears’ radar on the daily timeframe. And it will be too early to say the bulls are back as the slight bounce is not enough to determine a shift in the trend. A dip below the recent low should confirm an extension of the sell-off.
Aside from FET, other AI & Data tokens like AGIX and OCEAN are also charting notable gains but may soon lose buzz following the latest Binance delist announcement.
FET Key Level To Watch
If the bulls push above the rejected $1.75 daily high, the important $2 resistance may be retested before resuming drops. A recovery above this resistance could facilitate more buys to $2.2 and perhaps $2.5.
The $1.3 and $1.1 levels are currently serving as weekly support. A drop below it could extend selling pressure to $0.8 and $0.6 in the next dip.
Key Resistance Levels: $1.75, $2, $2.2
Key Support Levels: $1.3, $1.1, $0.8
- Spot Price: $1.58
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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