Date: Fri, Sept 20, 2024, 08:16 AM GMT
The cryptocurrency market is on the move again, as a bullish rally has kicked off following a monumental announcement by the US Federal Reserve. In a bid to boost the economy, the Fed has cut interest rates by 50 basis points, sending positive ripples through financial markets, especially crypto. Bitcoin (BTC) has climbed by 2.06% in the last 24 hours, now sitting comfortably above $63,000.
But it's not just Bitcoin making waves. AI tokens have been particularly impressive, and
Artificial Superintelligence Alliance (FET) is standing out among them. Over the past 24 hours, $FET has surged by 5.85%, and over the past week, it has jumped by nearly 22%, making it one of the top gainers in the AI token category, trailing only Bittensor (TAO).
Source: Coinmarketcap
FET Breaks the $1.47 Barrier
As of now, FET is trading at $1.61, having successfully broken through the $1.47 resistance level. This breakout came after a retest, and the next key resistance level is $1.71. If FET manages to break through this level, we could see it heading toward the $2.15 mark, which would represent a 25% increase from the current price.
The token’s momentum is further supported by a Relative Strength Index (RSI) of 78.32, indicating strong buying pressure, while its RSI-based moving average (MA) sits at 68.20.
Analyst Predicts Midterm Target
Prominent crypto analyst @CryptoFaibik recently shared his thoughts on FET on the X platform (formerly Twitter), highlighting the coin’s potential. According to his analysis, FET's breakout from a descending broadening wedge pattern has been confirmed. His midterm target for FET is an impressive $3.90, indicating a strong bullish sentiment for the token.
While the market seems optimistic, it’s always important to keep in mind that volatility can turn things around quickly.
Get more updates at: coinsprobe.com
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
