Breakout Alert! FET Price Poised For 25% Rally
Zameer Attar7 Nov 20242 min read
The Artificial Superintelligence Alliance (FET), the leading crypto-AI token is gaining significant attention from crypto enthusiasts following a notable 25% price surge in recent days. Despite this impressive performance, FET is poised for another rally as it has formed a bullish price action pattern on its daily time frame.
FET Technical Analysis and Upcoming Level
According to expert technical analysis, FET recently broke out from a falling channel price action pattern and closed a daily candle above a crucial resistance level and this pattern. This price action has shifted FET’s sentiment from a downtrend to an uptrend.
Following the breakout and candle close, there is a strong possibility that the asset could soar by 25% to reach the $1.78 level in the coming days. However, achieving this 25% rally will not be easy, as there is a minor hurdle at the $1.51 level, which may act as a resistance in the coming days.
FET’s bullish thesis will remain valid only if it stays above the $1.31 level, otherwise, it may fall.
FET’s Bullish On-Chain Metrics
On-chain metrics further support FET’s positive outlook. According to the on-chain analytics firm IntoTheBlock, large transaction volume for FET has surged by 61%, indicating strong participation from whales and institutions amid bullish sentiment and the recent breakout.
Additionally, this significant increase in large transactions suggests a bullish outlook for FET holders and points to a potential buying opportunity.
In addition to transaction volume, FET’s open interest has increased by 8.5% over the past 24 hours, indicating growing trader positions as market sentiment begins to shift.
As of this writing, FET is trading near $1.41 and has experienced a price surge of over 2.15% in the past 24 hours. However, during the same period, its trading volume dropped by 43%, indicating lower participation from traders and retail investors.
