Will This Bullish Pattern Push the FET Price to $2?
The post Will This Bullish Pattern Push the FET Price to $2? appeared first on Coinpedia Fintech News
With a $3.544 billion market cap, Artificial Superintelligence, or FET, maintains a significant dominance in the crypto-AI segment. The FET price is currently trading at $1.41, with an 8.21% rise in the past 24 hours.
Over the last seven days, like the DeFi tokens, the AI crypto tokens have been rising, and the FET token price has registered a weekly jump of 25.11%.
FET Token Price Performance
Last week, despite Bitcoin’s rocky road before the release of CPI data, FET price maintained its ground, with a then jump of 20%. Currently, the AI token price reveals a falling channel pattern in the daily chart, revealing a massive trend reversal.
Starting from the $1 psychological mark, the recent bull cycle accounts for a 32.54% jump over the last five days, with an intraday jump of 3.62%. Hence, the FET token price is on its way to making its 5th consecutive bullish candle.
Furthermore, in the shorter term, the FET price makes an inverted head and shoulder pattern. With the 200-day EMA acting as the neckline, the buyers are on the verge of breaking the pattern.
Technical indicators:
MACD: Similarly, the MACD indicator gives a bullish crossover in the positive territory, with a massive surge in bullish histograms.
EMA: The crucial 50-day and 200-day EMAs maintain a bearish alignment, but the uptick in the 50-day EMA teases a golden crossover. Hence, as the bulls gain momentum, the technical indicators are signaling a potential buying opportunity.
Will FET Token Top $2?
If the intraday candle manages to close above the 200-day EMA, the uptrend in the FET price will be massive.
Hence, the momentum and dynamic average lines signal a high likelihood of a breakout rally. Furthermore, the falling channel’s breakout rally is going strong and heads to the next resistance level of 38.20% level at $1.5596.
Despite a minor possibility of a $1.28 retest, the AI token targets 50% and 61.80% levels at $1.8843 and $2.2090, respectively.
Curious about FET’s long-term targets? Read our FET Price Prediction 2024-2030!
