The cryptocurrency market stands out as a dynamic field that is rapidly evolving and constantly offers new opportunities for investors. This time, “The Flow Horse”, a popular crypto analyst, believes that AI-based altcoin project Fetch.ai (FET) is poised for an upward move.
According to the analyst, Fetch.ai’s potential is based on increasing open interest (OI) and trading volume. The Flow Horse is notable for the FET bulls’ aggressive approach to the market using leveraged long positions. This shows that the project is preparing to enter the recovery process.
“FET can make a good leap from here. OI rose with dealer absorption, with a highly skewed bid/ask (bid/ask price) creating high volume towards the January lows.”
According to the chart shared by the analyst, Fetch.ai may start a new upward move, possibly using the $0.56 level as support. The analyst thinks that this support level provides a solid base and the bulls have the potential to take control and deliver an impressive performance in the market.
At press time, the altcoin is trading at $0.55, up more than 4% in the last 24 hours.
Apart from FET, the analyst also examined the leading cryptocurrency Bitcoin. As it is known, Bitcoin (BTC) is thought to rise with the halving event in April. The Flow Horse suggests that behind this increase could be financial giant BlackRock, which has approximately $9 trillion in assets (AUM) globally, possibly promoting and marketing its spot ETFs for Bitcoin.
The Flow Horse to the evaluation According to reports, this Bitcoin halving differs from previous ones because this time a trillion-dollar asset manager will be preparing to market this event. BlackRock has initiated the process of launching a spot BTC ETF to support this growing interest in Bitcoin, which could have a positive impact on the future performance of the cryptocurrency.
“This Bitcoin halving is unlike any other because this will be the first time a trillion-dollar asset manager will market it.”
Bitcoin is trading at $43,053 as of press time and has increased slightly over the last 24 hours.
The analyst also shared his prediction for the popular altcoin Chainlink (LINK). LINK will continue to remain in an uptrend against the $18 resistance level.
Impressive continuation type move.
I think I closed my mind $LINK bag too early. pic.twitter.com/Q7ZrSiQ9aq
— HORSE (@TheFlowHorse) February 2, 2024
Finally, the analyst expressed his bullish expectations for Solana-centered Jupiter (JUP).
“I’m starting to get some JUP. (…) Airdrop games are quite predictable in the short term…
VWAP (volume weighted average price) is your friend, especially with newly listed altcoins. JUP VWAP is already coupled to a catalyst, making it very useful. “No matter what happens in the long run, you know it’s going to be a really good long position soon.”
Traders use VWAP to understand whether an asset is trading overbought or underbought based on intraday price movement.
You can follow the current price movement here.