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FET Nears Breakout: Could a 20-30% Rally Be Next?
As the cryptocurrency market continues to evolve and adapt to new trends, Fetch.AI (FET) is exhibiting an intriguing pattern that may signal a significant surge in its value. Following a brief consolidation period, FET’s price appears poised for a breakout above $1.38 resistance, which could potentially lead to a 20-30% rally.
Currently trading at around $1.33, the asset has been steadily approaching this critical level of resistance. However, the growing network activity and strong technical signals suggest that FET may be on the cusp of a significant upward movement.
On-chain activity is witnessing a substantial surge, with new addresses increasing by 47.36% and active addresses rising by 12.46% over the past week. This significant growth in engagement indicates heightened interest in FET and increased adoption within its ecosystem. These numbers are crucial factors to consider when evaluating potential future price movements.
Another important aspect is the exchange reserve, which has risen by a marginal 0.12% to 471.4M FET. Although this data doesn’t conclusively confirm accumulation, it does hint at traders holding coins on exchanges with caution. This uncertainty could pave the way for significant upward pressure if sentiment shifts towards buying.
From a technical standpoint, moving average (MA) crossovers indicate an impending upward trajectory, bolstering bullish expectations. While the Average Directional Index (ADX) is still relatively low at 15.76, suggesting weak trend strength, the picture painted by these indicators implies that FET may be primed for substantial gains.
Moreover, recent liquidation data reveals a staggering $13K in short liquidations compared to only $1.56K in longs, highlighting bearish dominance in the short term. However, if FET breaks above the $1.38 resistance level, it is possible that this could trigger a substantial influx of short liquidations, further accelerating upward momentum.
In conclusion, FET has all the necessary components in place to propel its value by as much as 20-30%. As investors and traders closely monitor the price action surrounding the $1.38 resistance level, they should be prepared for potential volatility and rapid price changes if this event unfolds.
Source: ambcrypto.com
