A pair of cryptocurrencies in the artificial intelligence and Web3 spaces have seen their prices take off in recent days amid generally bullish market sentiment. Analyst Frans Timmersnats (@denniscryptooo) has highlighted strong upside price action in Fetch.ai’s native FET token. As Frans points out, FET appears to be conclusively breaking out of its multi-year range versus Bitcoin, sparking expectations of a sustained bull run.
In Frans’ words: “This is price discovery. $FET appears to be breaking the 5-year range against $BTC. The real run of FET will now begin.”
However, some caution may be warranted given potential red flags noted by analytics provider SpotonChain regarding large over-the-counter FET transactions. Per their data, blockchain organization DWF Labs recently deposited another 1 million FET worth $1.4 million to exchanges after already realizing an estimated $3.7 million in FET trading profits this year.
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Show more +So while momentum favors the bulls in the near-term, FET holders should closely monitor the actions of potential large-scale sell-side liquidity sources.
Jupiter Breaking Technical Resistance
Elsewhere, enthusiastic bullish sentiment is growing around middleware protocol Jupiter (JUP). Analyst CryptoBillionaire (@Cryptonimusm) points out JUP has now broken through multiple layers of overhead resistance on its 4-hour price chart.
CryptoBillionaire notes: “$JUP Maybe like this failed to maintain bearish structure. possible make 19%++ soon Good luck frenn #JUP”
From the annotated chart, initial resistance near $0.60 has been surmounted, with a brief pullback to $0.58 expected before CryptoBillionaire forecasts a continued push towards the next resistance zone around $0.70. With positive momentum, Jupiter could have room to run if it keeps definitively flipping resistance areas into support.
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- Market skepticism within Chainlink (LINK) sees more Litecoin (LTC) holders rushing into Pushd (PUSHD) presale
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