- Descending wedge patterns on FET and INJ charts signal potential bullish reversals.
- Strong buying interest near lower wedge boundaries supports breakout expectations.
- Potential price targets of $3.10 for FET and $65.00 for INJ highlight significant upside potential.
Artificial Superintelligence Alliance (FET) and Injective (INJ) are displaying promising bullish signals in their price charts. Both tokens are currently forming descending wedge patterns, which often signal potential bullish reversals upon breakout.
For FET, the descending wedge pattern has been forming over several months, with the price action confined within two downward-sloping trendlines. As per World Of Charts, an analyst, this pattern is a classic bullish reversal indicator, and if a breakout occurs, a significant price rally is expected.
FET primary support level is around $1.10, observed at the lower boundary of the wedge. Additionally, a secondary support level near $0.85 has been tested multiple times in the past.
On the resistance side, the primary resistance is around $1.50, which coincides with the upper boundary of the descending wedge. If the price breaks above this level, a potential target resistance at around $3.10 can be anticipated, representing a potential gain of over 205.70%.
The price of FET recently tested and rebounded from the lower boundary of the wedge, indicating strong buying interest at lower levels. The current price action is approaching the upper boundary of the wedge, signaling a potential breakout.
If this breakout occurs, a significant rally toward the $3.10 mark is expected. As at press time, the live price of Fetch.AI stands at $1.53, with a 24-hour trading volume of $211,896,410. The token has seen an increase of 12.32% in the last 24 hours.
World Of Charts further notes that Injective (INJ) is showing a descending wedge pattern on its price chart, suggesting a potential bullish rally towards $50. The price of INJ is confined within two downward-sloping trendlines, similar to FET.
The primary support level is around $19.50, where the price recently found support at the lower boundary of the wedge. Another key support level is approximately $15.00, a level where the price has previously bounced.
NEAR, FET, and RNDR Lead AI Coin Resurgence in 2024The primary resistance for Injective is around $26.00, where the price is currently testing the upper boundary of the wedge. If the price breaks above this level, a significant resistance at around $65.00 can be expected, indicating a potential gain of over 151.24%.
The price recently rebounded from the lower boundary of the wedge, demonstrating strong buying interest. The current price action is challenging the upper boundary, indicating a possible breakout.
If this breakout occurs, a substantial rally towards the $65.00 mark can be anticipated. At press time, the price of Injective is $26.01, with a 24-hour trading volume of $166,285,181. The token has increased by 11.88% in the last 24 hours.
