This article is available in Spanish.
The Artificial Superintelligence Alliance (FET) has made remarkable achievements over the past two weeks. Amid the latest market shocks, the AI crypto token saw a significant rise, rising over 60% a week ago. Over the past 24 hours, the token has registered a 4% price increase, retesting a crucial resistance level that could push the price near its all-time high (ATH).
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FET sees a 30% monthly increase
FET showed formidable price action in August despite the market pullbacks, rising 30% in the past 30 days. The ASI Alliance token rose 49% over the past two weeks, recovering above pre-Black Monday levels during this period.
Furthermore, it saw a massive increase in trading volume, price and whale activity a week ago, as the FET’s on-chain developments fueled bullish momentum by over 60%. The drive pushed the cryptocurrency’s price to a high of $1.46 on Tuesday, a level not seen since mid-July.
Nevertheless, market jitters halted FET’s rally, sending its price down to a two-week low of $1.06. The token retested the $1.20 resistance level this weekend but was able to regain it without success, but remained above the $1.10 price range.
This performance was highlighted by several market watchers, who noted that the token effectively remained above the $1.17 support level. This level was retested and maintained since late February, when the token’s rise drove the price to the March ATH of $3.45, but was lost at the end of July.
Analysts suggest key levels to watch
Some market observers noted that the FET recently breached the crucial horizontal levels. The token has been around for several months falling wedge pattern and recorded multiple contact points within the upper and lower trend lines.
According to Crypto Yapper, some major horizontal levels have come into play over the past month. The token bounced off the “huge” $0.8 support area a few weeks ago. This level was considered an “interesting accumulation zone” by the analyst.
Since then, FET has made a significant leap and broken the falling wedge pattern. After the breakout, the country has tried to turn the next horizontal resistance level into a support zone.
According to the analyst, if the $1.17 level remains strong, the cryptocurrency could move towards the next major resistance at the $1.7 area. “Then we can continue the bullish uptrend, and eventually the top of the formation will coincide with the breakout target, which will be around $3.4,” he further explained.
Conversely, other analysts have warned that the token remains in a bearish market structure. According to Altcoin Sherpa, FET is trying to form a higher low, which will need to be followed by a higher high to continue the uptrend.
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According to Sherpa, if the token achieves this, “the token will have bottomed out in the short term.” Moreover, he set the $1.5 price zone as a “super key level” for further bullish price action.
FET has been hovering between the $1.1-$1.21 price range over the past 24 hours and remained above the key support level throughout Monday morning. At the time of writing, the token is trading at $1.2, up 4% daily.
Featured image from Unsplash.com, chart from TradingView.com