- FET surged 50% after dipping to $0.34, showing strong dip demand and accumulation.
- $0.34 acts as a crucial support level, potentially leading to a breakout toward $1.
- FET’s undervaluation and smart money interest suggest further growth, despite current selling pressure.
Artificial Superintelligence Alliance—FET, has made an impressive comeback, surging nearly 50% after hitting a low of $0.34 during the recent market selloff. This swift rebound has caught the attention of traders, with over 1 million FET tokens traded across centralized exchanges in just 72 hours. Many are now asking if the momentum will continue or if this surge is simply a brief blip. Let’s dive into why $0.34 might just be the crucial price point that could lead to even more gains.
Why $0.34 is Gaining Attention from Market Makers
The $0.34 price level has taken on a new importance for FET. After the sharp market drop, this level has emerged as a potential support zone. Market makers have been watching closely as strong buying demand has returned, indicating that the recent dip may be the perfect spot for accumulation. With over 1 million FET tokens scooped up across exchanges, there’s clear evidence of stealth buying—typically a sign that big players are preparing for something bigger.
This shift in demand suggests that $0.34 could act as the foundation for a much larger move up. If buying pressure continues to grow, FET might break through previous resistance levels, with $1 being the next major milestone. FET was last near $1 in late January, before selling pressure took hold. If the trend continues, a retest of that $1 level seems likely.
FET’s Undervaluation: A Key Sign for Future Growth
What’s even more interesting is FET’s current undervaluation. According to the MVRV Z-score, FET is trading at a two-year low of -1.50, signaling that the token might be oversold. Historically, when this score dips into the red, it’s a sign that the market may be underestimating the true value of the asset. This is the kind of opportunity smart money loves: buying at a discount before the next big move up.
The $1.12 level is another key marker to watch. Earlier this year, FET saw some resistance around this point, and many had hoped that price would hold above this level. However, after the market correction, FET now trades at about $0.50, representing a 70% retracement from the January highs. This sharp decline suggests the market is still in a phase of capitulation, with many investors having taken profits and exited.
Despite these signs, institutional capital has mostly stayed on the sidelines. The NUPL (Net Unrealized Profit/Loss) remains in the red, meaning many traders are still in a loss position, and profit-taking remains a dominant theme. This has resulted in high sell-side liquidity, which continues to pressure the market.
