- FET broke above the descending trendline, creating a potential 76% rally to $2.20 next.
- Bullish indicators showed momentum for FET as traders eyed targets at $1.80, $2.20 and $2.60.
Alliance for Artificial Superintelligence (FET) showed strong technical signals at press time, indicating a possible bullish breakout.
Price has broken above a long-term descending trendline, suggesting a potential reversal of the downtrend.
This move signifies a change in market sentiment, with increasing interest from traders as the coin moves towards a more favorable position.
The descending trendline has kept price in check for an extended period of time, and crossing it could mark the start of an uptrend.
A key level to watch is whether FET can hold above this recently broken trendline, which will determine its next move.
Source: X
The $1.20 – $1.37 area has acted as a critical support and resistance level for FET. Historically, this area has provided strong resistance, preventing the price from moving higher.
However, recent price action shows FET retesting this level as support, suggesting it could hold as a new base.
Moreover, the risk-reward ratio for traders appears favorable, with a potential gain of up to 76% if the price reaches the $2.20 target.
If price holds above this area, it could lead to a test of higher resistance levels, potentially targeting $1.80, $2.20 and $2.60.
If FET can hold above this support level, it will likely be crucial for future price movements as the market anticipates further gains.
Bullish momentum for FET
Several bullish indicators, including buy signals and the Parabolic SAR, supported FET’s positive outlook. The Parabolic SAR, with its dots positioned below the price, indicated increasing buying pressure.
Momentum is building and traders are watching for additional signs of a strong move higher.
Source: TradingView
Other technical indicators, such as the RSI and MACD, also suggest bullish momentum. The RSI stands at 57, which shows that there is still room for upside before overbought conditions occur.
The MACD line crossing above the signal line further signaled a strengthening of the bullish trend, indicating that FET could continue to rise in the short term.
Network volume and activity
Data in chain of In the block The FET evolution revealed a mixed picture. As of September 17, there were 1.73k addresses in total, including 418 new addresses and 1.06k active addresses.
However, the number of new addresses decreased by 5.64% over the past week, while active addresses fell by 15.58%.
Additionally, zero balance addresses decreased by 24.02%, possibly indicating outflows or inactive wallets.
Source: IntoTheBlock
Trading volume has also fluctuated in recent days. The volume peaked at 147.28 million FET on September 13, but fell to 20.75 million FET on September 17.
Despite this decline, the 7-day average remained at 52.84 million FET, showing that market activity was still robust.
This recent drop in volume may indicate a reduction in short interest or profit taking by traders following the previous price rally.
Source: IntoTheBlock
According to Coin glass According to the data, FET saw a 20.56% increase in trading volume, reaching $229.41 million.
Read Artificial Superintelligence Alliance (FET) Price Predictions for 2024-2025
At the same time, open interest decreased by 9.05% to $62.43 million, suggesting a change in market positioning.
Although volume remains high, the decrease in open interest may imply some caution among traders, but overall market activity remained strong.
