AI Tokens on the Cusp: Fetch.ai (FET) and Internet Computer (ICP) Set for Bullish Breakouts – Key Indicators to Watch
According to World of Charts, a crypto analyst, Fetch.ai (FET) is gearing up for another bullish wave, potentially rising 25-30% from current levels. The analyst’s assessment is based on the formation of a bullish flag pattern in the hourly time frame, a technical pattern that often signals a continuation of the prevailing uptrend.
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FET’s Technical Setup
World of Charts’ analysis reveals that FET was previously trading within a downward-sloping channel, defined by two diagonal trendlines connecting the highs and lows of the price action. However, the price has broken out of this channel to the upside, potentially signaling a trend reversal or the start of a new bullish phase.
The analyst has included a blue rectangle on the chart, projecting a target price of $0.9909, which represents an approximate 34.11% increase from the breakout point. While this projection aligns with World of Charts’ 25-30% bullish rally forecast, it is essential to note that price targets are not guaranteed, and the market can be influenced by various factors.
altFINS Sees Upside Potential for Internet Computer (ICP)
In a separate analysis, altFINS, another well-known cryptocurrency analyst, has shared insights on the technical setup of Internet Computer (ICP). According to altFINS, ICP is currently in an uptrend across all time horizons, having recently broken out from an ascending triangle pattern above the $15 resistance level, reaching a target of $20 for a 30% gain.
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Show more +ICP’s Trade Setup
altFINS outlines two potential scenarios for ICP’s price action. The first scenario involves a continuation of the uptrend if ICP breaks and closes above $20, with a potential 25% upside to $25. Alternatively, a pullback towards the $15 support level could present another swing trade entry opportunity within the uptrend, with a 30% upside potential back to the $20 resistance level.
Source: altFINS – Start using it today
While altFINS notes that momentum is currently bullish for ICP, with the MACD line above the MACD signal line and the RSI above 55, there are indications that momentum may be weakening, as the MACD histogram bars are declining. The analyst identifies $15 as the nearest support zone, followed by $12, while the nearest resistance zones are $20 and $25.
Current Prices and Market Sentiment
According to CoinMarketCap data, Fetch.ai (FET) is currently trading at $2.58, down 6.77% in the last 24 hours, while Internet Computer (ICP) is priced at $16.86, down 5.69% over the same period. Despite the pullback, the overall sentiment from the analysts remains bullish, with the potential for significant upside in the coming days or weeks.
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