FET Breaks Through Resistance Levels: Is $3 Achievable by Year End?
Artificial Superintelligence Alliance (FET) has seen remarkable progress during this bullish phase for altcoins, with a significant 82% of holders currently in profit based on the prevailing price. The positive market conditions and solid technical foundations have contributed to the surge in investor confidence.
This upward momentum is backed by a notable decrease in selling pressure, as indicated by the lower net deposits on exchanges compared to the weekly average. The reduced number of deposits on exchanges suggests that many holders are opting to retain their positions, thereby establishing a robust foundation for potential price appreciation. The decline in selling activity has enabled FET to sustain its upward momentum.
Strong Surge in FET’s Open Interest
A further boost to optimism surrounding FET is the significant increase in Open Interest, which has now reached its highest point since late March, coinciding with the token’s previous all-time high. This uptick indicates heightened participation from traders and commonly signifies a bullish sentiment prevailing in the market.
With the diminishing selling pressure and growing interest in the cryptocurrency, FET might be poised for a potential price breakout.
Surpassing the Crucial $1.85 Resistance Level
FET’s technical performance has been commendable, notably breaking out of a bullish pennant pattern and surpassing the critical resistance at $1.85. Such breakouts typically mark the beginning of a significant rally, with the next major hurdle lying at $3.45. Speculation is rife among analysts regarding whether FET can breach the $3 mark before the year draws to a close.
The convergence of robust on-chain metrics with bullish technical indicators positions FET as a standout altcoin. The combination of reduced selling pressure, increased open interest, and recent breakthroughs hints at the potential for further upward movements in FET’s price.