The Artificial Superintelligence Alliance token, known as FET, has been experiencing significant growth over the past week, with its value seeing a substantial increase. The exciting news is that it is once again nearing a critical resistance level that could potentially lead to a breakout.
Approaching a Milestone
According to data from CoinMarketCap, FET saw a price surge of more than 15% last week, with a slight increase in the last 24 hours. Currently trading at $1.60, FET has a market capitalization exceeding $4 billion. Analysts like World of Charts have also pointed out the possibility of an 80% price surge in the near future.
One notable observation is that FET is edging closer to breaking out of a significant resistance level indicated by a widening wedge pattern that emerged in March.
If FET manages to break past this resistance, investors could be looking at a potential price target of $3.
Assessing the Likelihood of FET’s Next Bullish Move
Upon examining on-chain data for the token, it was noted that selling pressure has been on the rise, signaling a bearish sentiment. Santiment’s charts revealed an increase in FET’s supply on exchanges, indicating increased selling activity.
Furthermore, a spike in exchange inflow suggests an uptick in selling, potentially leading to a price correction in the near term.
While bearish sentiment has been growing, FET continues to maintain its popularity in the crypto space, as evidenced by stable social volume.
Given the conflicting signals from the metrics, a dive into the token’s daily chart was conducted for more clarity.
The Chaikin Money Flow (CMF) showed a slight downtrend, implying a possible price correction. However, the Moving Average Convergence Divergence (MACD) signal remained bullish, with a potential for the price to dip to $1 before potentially reaching $3 if the upward trend persists.