- The recurrent bullish pattern was appearing for the sixth time as analyst projects a target price of $3.906.
- Market sentiment has realigned favorably, supported by a range of positive metrics.
As a seasoned crypto investor with battle-tested intuition and a portfolio that has weathered numerous market cycles, I find myself increasingly optimistic about Artificial Superintelligence Alliance [FET]. The recurring bullish pattern and the recent surge in price and volume have piqued my interest.
The Artificial Superintelligence Alliance [FET] has made a strong impact in the cryptocurrency market recently, recording a rise of more than 10% within the past 24 hours and witnessing a substantial increase in trading volume by approximately 91.1%. This upward trend seems to be setting a positive tone for potential growth in the near future.
Given the current optimistic market conditions, AMBCrypto delves into the factors fueling the rise and possibilities for further bullish momentum in upcoming trading periods.
Historical patterns signal a potential upsurge in FET’s rally
Based on data from analyst Mister Crypto’s graph, it appears that FET could experience a substantial increase – which may represent the sixth occurrence where this particular level has been respected.
On a weekly basis, the analysis indicates a consistent trend: following an uptick, there’s usually a dip, which is then followed by an upward movement once the market’s foundation has changed at its lowest point.
Presently, following a recent dip, FET has displayed a significant shift in its market dynamics, suggesting potential growth. According to Mister Crypto’s forecast, we could see an impressive rise of approximately 565.52%, potentially pushing the price up to $3.907.
Despite uncertainty about how long this rally will last, AMBCrypto believes that the anticipated increase is due to robust technical analysis.
Price action shows a promising breakout
According to AMBCrypto’s latest analysis, FET‘s current market activity suggests it’s approaching a potential breakout from an uptrending channel, or ascending triangle.
This particular configuration, marked by a horizontal level of support and an angled level of resistance, frequently indicates an impending significant price shift. At present, FET finds itself positioned at this resistance line, poised to burst through it and possibly spark a considerable price trend reversal.
Analysis using the Fibonacci retracement tool highlights five critical targets for the expected upward movement: $1.763, $2.091, $2.419, and $2.886, with a peak target at $3.480, adjusted downward by $0.46 a slightly lower peak target from analyst target of $3.906.
Conversely, should the market sentiment turn bearish, the asset could drop to $0.702.
With a Relative Strength Index (RSI) of 60.96, there’s a strong positive perspective. Normally, an RSI value over 50 signals that bullish traders are in control, implying that the price trend for FET could potentially keep rising.
Whales and retail traders align as bulls in the market
Whales are not taking a back seat; they are actively participating alongside retail traders.
According to Coinglass’s analysis of liquidation data, it appears that retail traders who are speculating on the increase of FET‘s price are experiencing more successful trades at the moment.
According to recent updates, out of the total $269,490 worth of assets traded, short traders suffered losses amounting to approximately $210,220. This suggests that the market trend went against their bets, compelling them to sell off at a loss.
Read FET Price Prediction 2024- 2025
Additionally, it’s worth noting that the Netflow, which monitors the quantity of a token accessible on exchanges, has mostly shown a negative trend. This pattern seems to indicate that large investors, or “whales,” are moving their FET tokens from exchange platforms to personal wallets for storage.
Making this change decreases the ease with which FET can be traded on exchanges, a situation that often results in the value of the asset going up.
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2024-09-11 10:16