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FET Nears Breakout: Could a 20-30% Rally Be Next?
The price of Artificial Superintelligence Alliance (FET) has been consolidating near the $1.33 mark, leaving traders and investors eager to know if a potential breakout above $1.38 resistance could trigger a significant rally.
Recent developments have sparked optimism regarding FET’s short-term prospects. A 47.36% increase in new addresses over the past week suggests growing engagement within its ecosystem, which is often a precursor to substantial price movements. Additionally, active addresses have surged by 12.46%, indicating increased investor confidence and participation in the market.
From a technical standpoint, FET’s technical indicators paint a more mixed picture. A moving average crossover has created an upward trajectory, providing hope for bulls. However, the Average Directional Index (ADX) remains relatively low at 15.76, demanding confirmation from both price action and volume to solidify bullish momentum.
Furthermore, liquidation data shows $13K in short liquidations compared to $1.56K in longs, highlighting bearish dominance in the near term. Nonetheless, a breakout above $1.38 could unleash significant short liquidations, potentially fuelling an upward rally driven by increased sentiment and buying pressure.
Based on these factors, it appears that FET is poised for a potential 20-30% surge if it can break above the critical resistance level of $1.38.
Source: ambcrypto.com
