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FET nears breakout: Could a 20-30% rally be next?
As the crypto market continues to experience significant fluctuations, some altcoins are showing signs of momentum. Fetch.AI (FET) has recently caught attention for its potential to skyrocket in value. The coin is nearing a crucial level and could trigger a massive 20-30% rally.
Currently trading at $1.33, FET’s price action appears to be consolidating near the resistance level of $1.38. A breakout above this threshold could spark a dramatic surge in its market capitalization.
FET’s on-chain activity is another significant factor that supports the notion of a potential 20-30% rally. New addresses have increased by an astonishing 47.36%, and active addresses have risen by 12.46%. These figures demonstrate growing engagement within FET’s ecosystem, which often signals confidence among investors.
Historical price patterns indicate that FET has successfully broken out of similar setups in the past. However, sustained volume and bullish momentum are essential to validate this scenario and attract further investor interest.
Technical indicators also hint at a possible upward trajectory for FET. The moving average (MA) cross adds credence to bullish hopes. Meanwhile, the Average Directional Index (ADX) at 15.76 suggests weak trend strength that requires confirmation from price action and volume.
The liquidation data is a critical aspect of this analysis. A recent spike in short liquidations ($13K) compared to long positions ($1.56K) highlights bearish dominance in the short term. Nevertheless, if FET breaks above $1.38, it could trigger a sharp increase in short liquidations, fueling further price growth.
Based on these factors, Fetch.AI appears poised to deliver on its rally expectations in the near future.
Source: ambcrypto.com
