Artificial Superintelligence Alliance (FET) is making headlines as it breaks free from a prolonged downtrend, showing promising signs of a bullish reversal. World Of Charts, a renowned analyst, points out that recent price movements suggest FET may be on the verge of significant gains. The cryptocurrency’s price action has been characterized by a transition from a descending channel to a bullish rally, with substantial volume indicating strong investor interest.
For several months, FET’s price was confined within a descending channel, marked by resistance and support levels at approximately $1.1 and $0.80 to $0.85, respectively. This period of consistent decline created a clear trend where the price repeatedly failed to rise above resistance or drop below support.
However, in mid-August, a breakout occurred, propelling the price above the channel and breaking through the resistance level at $1.15. This breakout signaled a potential shift in market sentiment, leading to a notable surge in price.
Market Watch: Fetch.ai Gears Up for a Bullish Climb to $8.24Following this breakout, FET experienced a dramatic rise, reaching a high of around $1.50. This increase reflects a significant bullish momentum, but it also introduces new challenges.
The $2.50 level now acts as a critical resistance point, where the price has encountered selling pressure. A further rise above this resistance could lead to even more bullish behavior, while failure to surpass this level might result in a consolidation or retracement.
The $1.1 mark, previously a resistance, has now become an important support level. If FET’s price retraces, this level could offer a potential buying opportunity. Additionally, the lower boundary of the former downtrend channel, around $0.85, could serve as a long-term support if needed.
In a further analysis by Clifton Fx, another prominent analyst, FET’s recent price action on the 2-day timeframe has been highlighted. The chart revealed the formation of a new descending channel. This development indicates that, should the price break upwards, there could be a substantial rally, potentially ranging between 100% and 150%.
As earlier reported by Cryptotale resistance zones between $2.90 and $3.00 have already shown some price hesitation, making them critical levels to watch. On the downside, support might emerge around $2.10 to $2.50, reflecting previous resistance levels that were tested before the breakout.
Additionally, the consolidation range of $1.30 to $1.40, seen before the breakout, could offer robust support if the price experiences a deeper retracement. The upper trendline of the broken channel, near $1.20, may also provide crucial support. As at press time Artificial Superintelligence Alliance Is trading at $1.02 with a 14% increase in the last 24 hours and a trading volume of $189.2 million.
