TAO Targets $720 and FET Eyes $4.20 After Bullish Signals

• TAO confirms a breakout from a descending broadening wedge with a projected target of $720.
• FET approaches a key $1.55 resistance level after breaking out of a broadening wedge pattern.
• Both TAO and FET show strong bullish momentum with targets of $720 and $4.20 respectively.

In recent developments, two altcoins have caught the attention of market analysts for their potential to reach new all-time highs. Bittensor (TAO) and Artificial Superintelligence Alliance (FET) are both experiencing critical breakout moments, with their chart patterns signaling the possibility of substantial upward movement. Notably, Captain Faibik, a widely followed analyst on X, has shared insights into the bullish trajectories of both assets.

TAO’s Wedge Breakout Confirmed

TAO’s recent price action has shown a confirmed breakout from a descending broadening wedge pattern, a bullish reversal structure. The pattern forms when the price makes lower highs and lower lows, with trendlines diverging and widening as it develops. The breakout through the upper boundary of the wedge confirms bullish momentum, suggesting that TAO’s downtrend has reversed.

Following the breakout, TAO is currently trading just above the upper trendline of the wedge, indicating a shift in market sentiment. This shift suggests that the selling pressure has eased, and buyers are now in control. According to the chart analysis, the projected upside target for TAO sits around the $720 level. If this momentum continues, traders could see a significant price surge in the coming weeks from the price of $335 recorded during this press.

FET Approaching Key Resistance

Similarly, FET has also shown a strong bullish move after months of trading within a broadening wedge pattern. This pattern, which indicates growing volatility, suggests the possibility of a breakout once the price breaches the upper trendline. FET is trading near the key resistance level of $1.55, just below the upper boundary of the broadening wedge. 

The recent upward movement in FET’s price to $1.38, which saw a 4% daily gain, reflects growing buying interest. Analysts suggest that if FET breaks above the $1.55 resistance, the price could rally further, potentially targeting $4.20. This forecast reflects the long-term bullish outlook, driven by strong fundamentals and improving market sentiment.

Support and Resistance to Sustain Momentum

In both cases, the key to sustaining the upward momentum will be the ability to hold above newly formed support levels. For TAO, the previous resistance from the wedge’s upper trendline now serves as a crucial support level. Similarly, for FET, the $1.55 resistance level could turn into support if the breakout is successful.

The confirmation of these support levels will play a pivotal role in determining the future direction of both altcoins. However, the overall market outlook remains cautiously optimistic, with analysts pointing to potential new all-time highs for both TAO and FET in the near term.