- FET bulls already pushed the token up by double digits last week.
- Market sentiment surrounding the token turned bearish in recent days.
Alliance for Artificial Super Intelligence [FET] has been on an upward trend over the past week as its value fell into the double digits. The better news was that it was once again approaching a crucial resistance level.
A breakout above that figure could be a gamechanger for the token.
FET is approaching a target
CoinMarketCaps facts revealed that FET recorded a price increase of over 15% last week. The past 24 hours have also been bullish as the token’s price increased marginally. At the time of writing, FET was trading at $1.60 with a market cap of over $4 billion.
IMeanwhile, World of Charts, a popular crypto analyst, posted tweet reveals quite a few interesting updates. According to the tweet, FET is on track to show an 80% price increase.
Notably, the token is also approaching vital resistance from an expanding wedge pattern.
The pattern emerged in March and the token has since consolidated within it. In the event of a breakout, investors can expect the token to reach $3.
Source:
The Odds of FET’s Next Bull Rally
AMBCrypto then checked the token’s on-chain data to determine the possibility of a breakout. We found that selling pressure on the token increased, which was bearish.
According to our analysis of Santiment’s charts, the supply of FET on the exchanges has increased, while the supply outside the exchanges has decreased. This clearly indicated that investors were selling the token.
Moreover, foreign exchange inflows spiked, indicating a sell-off. Whenever selling pressure increases, it signals a price correction.
Source: Santiment
Apart from that, we also found that the weighted sentiment of the token decreased, meaning that the bearish sentiment around FET increased in the market. Nevertheless, its social volume remained relatively stable, reflecting its popularity in the crypto space.
Source: Santiment
Since the metrics gave mixed signals, we opted to take a look at the token’s daily chart to better understand what to expect.
Read Artificial Super Intelligence Alliances [FET] Price prediction 2024–2025
We found that the Chaikin Money Flow (CMF) registered a downward trend. This indicated that there were chances of a price correction.
However, the MACD remained in favor of buyers as it showed a bullish crossover. If the FET bulls take over, it could drop to $1. But if the uptrend continues, it will open a clear path for the token to reach $3 in the coming weeks.
Source: TradingView