- FET bulls have already pushed the token into double digits last week.
- Market sentiment around the token has turned bearish over the past few days.
Alliance for Artificial Superintelligence (FET) Bitcoin has been on an acceleration over the past week, with its value reaching double-digit levels. The good news is that it is once again approaching a crucial resistance level.
A break above this mark could be a game-changer for the token.
FET approaches a target
CoinMarketCap data revealed that FET has seen a price increase of over 15% in the past week. The past 24 hours have also been bullish, with the token’s price increasing slightly. At the time of writing, FET was trading at $1.60 with a market cap of over $4 billion.
IMeanwhile, World of Charts, a popular crypto analyst, published a tweet revealing some interesting updates. According to the tweet, FET is set to post an 80% price hike.
It is worth noting that the token has also moved closer to a vital resistance of a broadening wedge pattern.
The pattern emerged in March and since then, the token has been consolidating within it. In case of a breakout, investors could expect the token to reach $3.
Source: X
The chances of the next FET bullish rally
AMBCrypto then checked the token’s on-chain data to determine the possibility of a breakout. We found that the selling pressure on the token had increased, which was bearish.
According to our analysis of Santiment’s charts, FET’s supply on exchanges increased while its supply off exchanges decreased. This clearly indicated that investors were selling the token.
Moreover, inflows into the stock markets have also increased, suggesting a sell-off. Whenever selling pressure increases, it suggests a price correction.
Source: Santiment
Apart from this, we also saw that the token’s weighted sentiment dropped, meaning that the bearish sentiment around FET increased in the market. Nevertheless, its social volume remained relatively stable, reflecting its popularity in the crypto space.
Source: Santiment
Since indicators have been giving mixed signals, we have chosen to look at the token’s daily chart to get a better understanding of what to expect.
Read Artificial Superintelligence Alliance (FET) Price Prediction 2024–2025
We have noticed that the Chaikin Money Flow (CMF) has registered a decline. This indicates that there are risks of price correction.
However, the MACD remained in favor of the buyers as it posted a bullish crossover. If FET bulls take over, then it could drop to $1. But if the uptrend continues, then it will open a clear path for the token to reach $3 in the coming weeks.
Source: TradingView
