Bitcoin SV (BSV) and Artificial Superintelligence Alliance (FET) are capturing the attention of traders, each exhibiting signs of potential price breakouts.
Top analysts on X (formerly Twitter) highlight a third attempt for BSV’s price to breach key resistance, while FET benefits from positive market sentiment tied to “utility season” and a capital shift from larger assets like Bitcoin.
Moreover, this technical analysis details the current positioning of both tokens and their potential upward movements within respective trading channels.
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BSV/BTC Chart Analysis: Third Attempt to Break Resistance
Crypto analyst Mihir pointed out that Bitcoin SV’s (BSV) price is gearing up for a significant upside attempt against Bitcoin (BTC). The BSV/BTC pair has been moving within a well-defined descending channel, characterized by a lower red trendline acting as support and an upper green line as resistance.
The midline, represented by a white dotted line, has posed a formidable barrier, with two previous breakout attempts rejected at this level.
Image Source: X/Mihir
Currently, BSV trades near the lower support line, showing a double-bottom pattern, which often signals a potential reversal. The upcoming third attempt to breach the midline resistance could be pivotal. If BSV breaks through, it may signal the beginning of a bullish phase, with the channel’s upper boundary as a possible long-term target.
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Show more +Show less – FET Price Analysis: Utility Season Fueling Bullish Momentum
Artificial Superintelligence Alliance (FET) also shows positive signs, trading within an ascending channel against USD on the weekly chart. The FET price has been following a pattern of higher highs and higher lows, with support and resistance marked by two parallel red trendlines.
Currently positioned near the lower support trendline around $1.28, FET may be approaching a buying opportunity if this support level holds.
Image Source: X/CryptoLeo00
Moreover, tweets from influential accounts suggest strong market sentiment for FET. CryptoLeo00 mentions that an anticipated shift of capital from Bitcoin into lower-cap tokens could position FET for significant gains as “utility season” kicks in.
Another analyst, Moonboy, projects an ambitious target for FET’s price, predicting that it will hit $15 by Q1 of 2025. These bullish sentiments align with FET’s technical structure, where the top of the channel points towards a medium-term target of $7–$8.
$FET will hits $15 in Q1-2025 pic.twitter.com/3zAoByGQPZ
— Moonboy (@unin919) October 31, 2024
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Technical Outlook: Key Levels to Watch
For Bitcoin SV, the midline in the descending channel remains at a critical level. If BSV’s price breaks through this resistance, the channel’s upper boundary may become its next target, signaling a potential trend reversal.
In contrast, for FET, the lower trendline around $1.25 serves as a key support, with the next resistance level set at the channel’s top, suggesting a bullish trajectory towards $7–$8.
Finally, Bitcoin SV and FET are in technical setups that could attract traders looking for upside potential. BSV’s third attempt at breaking resistance and FET’s alignment with market trends create an optimistic outlook for these assets.
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The post Bitcoin SV (BSV) Price Primed for Upside, While FET Price Builds Bullish Momentum! appeared first on CaptainAltcoin.
