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FET Nears Breakout: Could a 20-30% Rally Be Next?
The cryptocurrency market is known for its unpredictability and volatility. However, Fetch.AI’s Artificial Superintelligence Alliance (FET) seems to be poised for a significant price surge in the near future. With on-chain activity surging, technical indicators hinting at a possible upward trajectory, and liquidations threatening to amplify bullish momentum, FET appears to have all the necessary elements for a 20-30% rally if it breaks above $1.38 resistance.
At the time of writing, FET is trading at around $1.33, having experienced a slight 1.19% dip over the past 24 hours. Despite this minor setback, traders and analysts alike are eyeing a potential breakout above the critical $1.38 level. This resistance has previously thwarted bullish attempts, but recent activity suggests that FET may finally be able to overcome it.
On-chain metrics reveal a significant surge in network activity, with new addresses increasing by 47.36% and active addresses rising by 12.46% over the past week. These numbers indicate growing interest in the FET ecosystem and heightened user engagement, both of which typically precede substantial price movements.
While technical indicators do not paint a completely rosy picture, they still suggest that FET could be on the cusp of a significant upward trend. The moving average cross suggests a possible uptrend, lending credibility to this notion. However, the Average Directional Index (ADX) indicates weak trend strength, requiring confirmation from price action and volume.
Moreover, liquidations have been prevalent in recent market activity, with short-term shorts totaling $13K and longs amounting to $1.56K. This disparity highlights bearish dominance for the time being, but a breakout above $1.38 could spark significant short liquidations, potentially fueling a sharp price rally.
In conclusion, Fetch.AI’s Artificial Superintelligence Alliance appears poised to deliver on its rally expectations in the near future. With network activity surging, technical indicators hinting at an upward trajectory, and potential liquidations threatening to amplify bullish momentum, FET is primed for a substantial 20-30% price surge if it breaks above $1.38 resistance.
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Source: ambcrypto.com
