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 think I closed my LINK bag too early.”
LINK is trading for $17.83 at time of writing, down slightly in the last 24 hours.
Lastly, the trader is turning bullish on the Solana-based decentralized exchange (DEX) aggregator Jupiter (JUP).
“Starting to a buy a little JUP. Mindshare is high and I think negativity off the airdrop mechanics ends up creating an imbalanced auction. Airdrop plays in the short term are pretty predictable…
VWAP (volume-weighted average price) is your friend especially in newly just listed alts. JUP VWAP is already anchored from a catalyst which makes it very useful. Regardless of what happens long term, you know this is going to offer a really good long setup soon.”
Traders use the VWAP to help them determine whether an asset is trading underbought or overbought based on its intraday price action.
Jupiter is trading for $0.579 at time of writing, down more than 3% in the last 24 hours.
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The post Top Crypto Analyst Predicts ‘Decent Bounce’ for AI Altcoin, Updates Outlook on Bitcoin, Chainlink and Jupiter appeared first on The Daily Hodl.