What a day for crypto traders. For months now, there was a narrative that it’s better for crypto traders if Trump wins these elections over Kamala Harris, and on the very first day, it looks like the narrative was correct.
Bitcoin price is pumping, along with a lot of altcoins. One of those AI cryptos is FET, which pumped over 19% today and is now trading around $1.40.
CryptoBoss, who has almost 200k followers on X, posted a viral FET chart that’s getting significant attention from the crypto community.
Looking at the chart shared by CryptoBoss, FET has been moving in a clear downward channel since mid-October. The price has been bouncing between two parallel red trendlines, consistently finding resistance at the top and support at the bottom of this channel. However, today’s price action shows FET finally breaking out of this pattern with conviction.
The breakout we’re seeing isn’t just a small move – it’s accompanied by strong momentum that pushed the price up by 19%. While the FET chart doesn’t show volume indicators (trading volume jumped over 200% for FET today), the decisive move above the upper trendline suggests there’s significant buying pressure behind this breakout.
Read also: XRP Price Pattern Aligns With Previous US Election Cycles: Here’s the Next Target
Where Is the FET Price Headed Next?
Currently trading in the $1.37-$1.40 range, FET is at a crucial point. The previous resistance level around $1.20, which was the upper boundary of the channel, could now act as support if we see a pullback. Traders might want to watch the $1.50-$1.60 region as the next potential resistance zone.
Looking at potential price scenarios, FET could consolidate around current levels to build a new support base. If the broader crypto market maintains its bullish momentum, FET might test higher levels around $1.50 to $1.60. However, as with any breakout, there’s also the possibility of a retest of the broken trendline near $1.20.
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