- FET is approaching the upper boundary of a descending channel, signaling a breakout.
- RUNE’s falling wedge pattern suggests a weakening bearish momentum with a bullish outlook.
- ONDO shows a higher low formation, indicating increased buying pressure at key support.
Recent analysis suggests promising developments for several key assets, including FET, RUNE, and ONDO. These assets are showing signs of potential bullish breakouts, which could lead to new highs. The chart patterns analyzed offer critical insights into their price movements and possible future performance.
Potential Upside for FET?
Per Captain Faibik, the current price analysis of Artificial Superintelligence Alliance (FET) reveals the presence of a broadening wedge pattern, a technical formation that suggests a potential reversal in the price trend. This wedge appears to be descending, which indicates a weakening downtrend. The price has been moving within a downward channel, characterized by lower highs and lower lows, a typical bearish trend. However, the price is now approaching the upper boundary of this channel, which could signal an impending breakout.
$FET Still Looks Promising for the Broadening Wedge Upside Breakout so Keep Accumulating & Hold with the Patience..
— Captain Faibik 🐺 (@CryptoFaibik) September 10, 2024
Expecting New All time High in Q4..🔥📈#Crypto #FET #FETUSDT pic.twitter.com/D98RJpnzET
Resistance has been tested multiple times, with projections pointing toward a key level around $3.90. At the time of analysis, FET is priced at $1.29, with a 12.65% increase over the last 24 hours. Notably, the chart suggests a possible surge toward new all-time highs in the upcoming quarter.
Falling Wedge Pattern in RUNE
THORChain (RUNE) is also displaying strong bullish indicators, particularly through a falling wedge pattern, a commonly recognized signal for trend reversals. The pattern shows the price forming lower highs and lower lows, but the steeper slope of the lower trendline indicates that bearish momentum is weakening. As the price approaches the wedge’s end, a breakout seems increasingly likely.
$RUNE Still Looks Extremely Promising for the Falling Wedge Upside Breakout..📈
— Captain Faibik 🐺 (@CryptoFaibik) September 10, 2024
Keep an eye on it..🧐#Crypto #RUNE #RUNEUSDT pic.twitter.com/jBLAbf2VUX
The projection for RUNE suggests a price movement towards the $12.5 to $13.5 range. This estimate is based on the height of the wedge, a standard method for predicting post-breakout movement. The price of RUNE was $3.90 during this press, and despite a slight decline in the past week, the overall trend remains favorable for a breakout.
ONDO’s Key Resistance at $0.70
In the case of Ondo Finance (ONDO), Daan Crypto Trade’s chart analysis highlights a higher low formation, which is a positive sign that selling pressure may be easing. This formation typically signals that buyers are stepping in, suggesting growing interest in the asset.
$ONDO Starting to look decent here by making this higher low.
— Daan Crypto Trades (@DaanCrypto) September 10, 2024
Want it to clear that green zone around $0.7 to get the party going again. pic.twitter.com/Mp16ahTKme
The $0.55 level has acted as strong support, preventing further price declines. However, the $0.70 zone remains a key resistance level that needs to be cleared for a bullish breakout to occur.
A potential rally could follow once the price surpasses the $0.70 resistance, which aligns with the neckline of an inverse head and shoulders pattern. This pattern and volume indicate that breaking above this level could trigger increased buying interest, leading to a significant upward movement in price.
