The Future of FET: A Potential 76% Rally to $2.20 Expected in Q4
Signals from the Artificial Superintelligence Alliance [FET] are currently indicating a strong possibility of a bullish breakout in the near future. The recent breakthrough above a long-standing descending trend line suggests a potential reversal of the bearish trend that has been prevalent for some time.
This significant move is seen as a change in market sentiment, drawing increased interest from traders as FET positions itself favorably in the market. The breakthrough of the descending trend line, which had previously acted as a barrier, signals the start of a potential upward trend for the coin.
One crucial factor to monitor now is whether FET can sustain its position above this newly breached trend line, as this will determine its next course of action in the market.
Historically, the $1.20 — $1.37 range has been a pivotal point of support and resistance for FET. This zone has often presented strong resistance, hindering price movements to the upside. Recent market activity, however, shows that FET is currently revisiting this range as a potential support level, indicating the possibility of it becoming a new foundation for future price movements.
Traders are eyeing a favorable risk-reward scenario, with a potential increase of up to 76% if the price manages to hit the $2.20 target. Beyond this point, further resistance levels at $1.80, $2.20, and $2.60 could come into play if FET successfully maintains its position above the current support.
Positive Momentum Building for FET
Various bullish signals, such as buy indicators and the Parabolic SAR, are reinforcing the optimistic outlook for FET. The Parabolic SAR, with its dots positioned below the price action, is signaling a rising buying pressure.
Momentum is gradually picking up, and traders are on the lookout for additional signals that could indicate a strong upward movement in the short term.
Additional technical indicators like the RSI and MACD are also aligning with the positive momentum. The RSI currently stands at 57, leaving room for further upside before reaching overbought levels. The MACD line crossing above the signal line further confirms the strengthening bullish trend and suggests a potential continuation of the upward trajectory for FET.
Analysis of Volume and Network Activity
Insights from on-chain data provided by IntoTheBlock depict a mixed outlook for FET. As of September 17th, there were a total of 1.73k addresses, including 418 new addresses and 1.06k active addresses.
Despite the slight decline of 5.64% in new addresses and 15.58% in active addresses over the past week, the decrease of 24.02% in zero-balance addresses could suggest movements or inactivity among wallets.
Transaction volume has shown fluctuations in recent days, hitting a peak of 147.28 million FET on September 13th but dropping to 20.75 million FET by September 17th. However, the 7-day average volume remained relatively strong at 52.84 million FET, indicating ongoing market activity.
The recent decrease in volume might hint at reduced short-term interest or profit-taking strategies by traders following a previous surge in price levels.
According to data from Coinglass, FET experienced a notable 20.56% rise in trading volume, reaching $229.41M. Simultaneously, Open Interest saw a decline of 9.05% to $62.43M, suggesting a shift in market dynamics.
Despite the drop in Open Interest, elevated trading volumes indicate ongoing market participation and interest among traders, underscoring the overall strength of market activity in the FET ecosystem.