The cryptocurrency market is experiencing renewed growth with Ethereum leading the charge. FET, an AI-focused token from the Artificial Superintelligence Alliance (FET), has been on a remarkable surge in recent weeks, soaring over 74% in just 30 days. This rise has piqued the interest of traders and analysts alike.
While weekly gains have cooled slightly, FET’s price is still up today, with chart analyst @JohncyCrypto highlighting potential for another upward push. The reason? FET recently broke out from a well-defined broadening wedge pattern, suggesting a potential bullish reversal.
On the daily chart, FET experienced a significant breakout above $0.62 on April 24th after a sustained bearish period. This break marked a shift towards bullish momentum and helped it reach highs around $0.806 before cooling down.
Now, FET is retesting this broken resistance line – a classic technical analysis sign that could set the stage for continued upside. The token’s support from its 100-day moving average (MA 100), currently hovering near $0.63, further strengthens this potential bounceback.
What lies ahead for FET? Analysts have outlined several possible targets: reaching $0.81, a significant resistance level and recent volume peak; surpassing $1.13, a mid-range resistance from earlier this year; and finally hitting the upper bound of the major resistance zone at $1.60 – where it would mark a massive 135% gain from current levels.
The Volume Profile indicator further suggests that once FET surpasses the $0.81 resistance, it might encounter less resistance, opening up potential for even higher gains. However, traders should keep an eye on price action and its performance in the crucial $0.60-$0.62 range over the coming sessions to validate the breakout.
This article is for informational purposes only and shouldn’t be interpreted as financial advice. Always do your own research before investing.