Yesterday, FET hit a main support level between $3.2 and $2.8, experiencing a bounce and gaining some momentum. The market structure for FET has shifted up a level after a bullish breakout above $3.2 and $2.8. I expect FET to consolidate in the current level and break out above $3.4-$3.5, with a potential continuation up to $4. However, FET's recent momentum has decreased, and it's unlikely to break out with momentum at the moment. I'm bullish on AI in crypto and expect a potential merge between FET AI and Ocean to be a positive development.
Two scenarios could lead to a bullish breakout:
1) Bitcoin becomes very bullish and breaks above $71,220.
2) The AI narrative starts to gain traction again, and FET benefits from its connection to AI.
Currently, I'm waiting for open interest to form a bottom and start showing bullish moves. If Bitcoin starts crashing, a bearish breakout and drop back to the previous consolidation is a possibility
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