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FET Nears Breakout: A Potential 20-30% Rally Looming?
As the cryptocurrency market continues to navigate its latest wave of volatility, Fetch.AI’s FET token is on the cusp of a potentially explosive breakout. According to recent data and analysis, a rally of approximately 20-30% could be imminent.
The most striking development lies in the significant surge in network activity surrounding FET. New addresses have increased by an astonishing 47.36%, while active addresses have risen by a remarkable 12.46%. This growing engagement suggests that investors are not only optimistic about FET’s future prospects but also demonstrating heightened confidence in its ability to break out of recent price stagnation.
Furthermore, the project’s technical indicators paint a largely bullish picture. The moving average (MA) cross suggests an upward trajectory, bolstering hopes for a rapid rebound. Although the Average Directional Index (ADX) at 15.76 indicates relatively weak trend strength, it is crucial to monitor this metric closely as price action and volume develop further.
The real game-changer lies in liquidation data, revealing $13K in short liquidations versus only $1.56K in longs. This overwhelming dominance of bearish sentiment has the potential to reverse direction with a decisive break above $1.38 resistance level. A subsequent cascade of short liquidations could fuel an aggressive price rally.
In the context of this information, it becomes increasingly difficult not to envision a scenario where FET surges by 20-30%. Given Fetch.AI’s history of successfully breaking out of similar technical patterns in the past, there is every reason to expect a repeat performance.
Source: ambcrypto.com
