The FET price just broke crucial resistance at the $1 level and is now trading around $1.05. This surge follows another 17% pump today, making FET the biggest crypto gainer at press time among the top 100 cryptocurrencies. In the weekly timeframe, Artificial Superintelligence Alliance’s token is now up over 25%.
It appears traders’ confidence in AI cryptos is returning, as the RENDER price is also up over 10% today.
World of Charts, an analyst we’ve recently covered due to his concise yet high-quality chart analysis, posted an updated FET chart today.
What you'll learn 👉
Breaking Down the FET Chart
The chart reveals a clear descending channel that the price consistently respected until late July. The recent breakout above this channel is a bullish signal, potentially marking the end of the downtrend.
A critical horizontal support was established around the $0.91 level, which prevented further price drops during the downtrend. After breaking above the resistance at $1.15, the price initially surged but has since corrected, currently sitting at $1.04.
At its current price of $1.04, FET remains below the $2.30 area, the first big target. This indicates that while the breakout occurred, the upward momentum hasn’t yet reached anticipated levels. The previous high and potential resistance around $2.30 remains a key level to watch if the price begins to rise again.
FET Price Prediction
If the breakout holds and momentum picks up, the first major resistance will be around $1.50, followed by $2.30, and ultimately $3.00 if the bullish trend continues. Surpassing these targets would be necessary for the price to move toward a new all-time high (ATH), as suggested in the analyst’s tweet.
The tweet reads: “Getting Ready Massive Volume Coming Bouncing Back Expecting Solid Breakout Soon Still Expecting New ATH Incase Of Successful Breakout Send It Towards 3$ ✅.”
This analysis hints at an anticipated increase in trading volume, which is essential for driving prices higher. The breakout from the descending channel is indeed solid, but follow-through momentum is necessary to sustain a rally. While the price is currently $1.04, reaching $3.00 would require a huge bullish momentum. This remains a long-term target if market conditions align favorably, especially Bitcoin.
Hot Crypto Presale For Your Watchlist
Besides well-established cryptos, it’s worth researching some early-stage projects that show potential for significant growth in the coming months. One such project is PandaWorld, which has just raised over $110,000 in its ongoing public presale.
PandaWorld centers around six panda siblings, offering a turn-based RPG where players can embark on quests, collect cards, and build teams to progress through various stages. The gaming experience is complemented by a casino platform that utilizes blockchain technology to ensure fairness and transparency.
The $PADW token serves as the primary currency within the Panda World ecosystem. The tokenomics are designed to encourage long-term holding and community participation, with 40% of the 88.8 billion total supply allocated for the presale. This project aims to combine the appeal of a meme coin with real utility through its gaming and casino platforms.
Read also: This Crypto Trader Warns of AAVE Price Crash – 27% Correction Incoming
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