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FET Nears Breakout: Could a 20-30% Rally Be Next?
The cryptocurrency market has been characterized by its unpredictability in recent times. However, with FET’s current price action and technical setup, it seems that this altcoin may have finally found a reason to break out and potentially propel towards a 20-30% rally.
Currently trading at $1.33, the market is closely monitoring whether FET will be able to breach the $1.38 resistance level. If successful, this could lead to a substantial price surge.
Historical data suggests that FET has successfully broken out of similar setups in the past, giving traders hope for another run-up.
Furthermore, on-chain metrics are painting an optimistic picture. New addresses have increased by 47.36% over the last week, while active addresses have seen a notable 12.46% rise. This surge in activity indicates that investors are growing more confident and increasing their exposure to FET.
However, it is crucial to keep in mind that exchange reserves have only risen by 0.12%. While this may not be a major concern at the moment, a shift towards lower reserves could potentially spark price upward pressure.
In terms of technical indicators, the moving average (MA) cross suggests a possible upward trajectory, bolstering hopes for a rally. However, the Average Directional Index (ADX) currently sits at 15.76, indicating weak trend strength. This is why we should continue to monitor FET’s chart action and volume before drawing any concrete conclusions.
Lastly, it is essential to discuss liquidations. The data shows $13K in short liquidations compared to $1.56K in longs, revealing bearish dominance. However, if FET manages to break above the aforementioned resistance level of $1.38, we could see a significant number of short liquidations, leading to amplified price momentum.
Taking all this into account, it seems that FET is poised to capitalize on its bullish setup and potentially deliver a 20-30% rally in the near future.
Source: ambcrypto.com
