FET Set for +100% Gain? Breakout from Key Patterns Suggests
Contributor
Posted:
- Fetch.AI exhibits a rising trend by forming a head and shoulders pattern, indicating potential market reversal.
- The on-chain activity of FET is surging alongside its social media presence.
The Artificial Superintelligence Alliance [FET] has recently experienced remarkable growth, registering an increase of over 25% in value within the last week as reported by CoinMarketCap.
A surge in interest is evident for AI-focused cryptocurrencies following Nvidia’s (NVDA) recent earnings report that surpassed market projections.
Nvidia’s impact on AI cryptocurrencies like Fetch.AI continues to be pronounced, with current price movements suggesting ASI is gearing up for upward momentum as recovery trends manifest in crypto markets during this final quarter of the year.
Analysts anticipate that the latest rally of FET may foreshadow additional gains ahead, particularly facilitated by the establishment of an inverted head and shoulders pattern—often associated with market rebounds.
While FET has been experiencing downward pressure since April, recent developments indicate a potential strong support level for the token could have been established.
If successful in breaking through its neckline and subsequently retesting this level post-breakout, FET could observe price descents reaching as high as 104% before year-end or early next year. p >
The Relative Strength Index (RSI), which indicates overall sentiment within the market, remains above neutral territory—a sign that optimism is growing among investors. Collectively assessing these elements alongside bullish technical patterns suggests substantial upward movement for FET may be anticipated over upcoming months. p >
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