FET is expected to break out of key resistance levels in the cryptocurrency market and increase potential gains towards the $3 target.
The increasing buying pressure and significant increase in investor interest over the last 24 hours has left FET facing strong resistance, with analysts closely monitoring how the token will behave after it surpasses critical levels.
FET’s recent rally suggests that the token could reach the $3 target. In this article, we will examine the latest developments regarding FET’s performance.
The trading price of FET has reached $1.83 as of the latest update, which is a remarkable 12% increase in a single day. This price action shows that over 97,000 FET addresses are in profit, with approximately 78% of active addresses in a positive position. Such a profit rate indicates the existence of persistent bullish sentiment among retail investors.
This price rally also significantly reduced the asset’s realized losses, leading to fewer coins being sold below previous highs, indicating growing investor confidence in FET.
According to ZAYK Charts, FET’s breakout from a descending trendline indicates a significant upward move. This breakout parallels FET’s historical highs of $3, which it reached during bull market conditions in March 2024.
While FET’s rise is promising, analysts have examined the token’s on-chain metrics and assessed some potential challenges. The increasing buying pressure is supported by decreasing supply on exchanges and increasing outflows, but large addresses are observed to be reducing their holdings. This indicates that large investors are starting to take profits and usually follows price corrections. This could pose a potential challenge for FET.
Despite all these difficulties, technical indicators present a positive picture. MACD is indicating a bullish trend, while Chaikin Money Flow is also moving upwards. This indicates continued buying pressure and the potential for FET to rise towards the $3 target.
While the price of FET has reached the upper limit of the Bollinger Bands, such moves are usually followed by a price correction. It is very important for investors to be careful in order to develop an effective strategy in this volatile market environment.