The FET price just broke crucial resistance at the $1 level and is now trading around $1.05. This surge follows another 17% pump today, making FET the biggest crypto gainer at press time among the top 100 cryptocurrencies. In the weekly timeframe, Artificial Superintelligence Alliance’s token is now up over 25%.
It appears traders’ confidence in AI cryptos is returning, as the RENDER price is also up over 10% today.
World of Charts, an analyst we’ve recently covered due to his concise yet high-quality chart analysis, posted an updated FET chart today.
Breaking Down the FET Chart
The chart reveals a clear descending channel that the price consistently respected until late July. The recent breakout above this channel is a bullish signal, potentially marking the end of the downtrend.
A critical horizontal support was established around the $0.91 level, which prevented further price drops during the downtrend. After breaking above the resistance at $1.15, the price initially surged but has since corrected, currently sitting at $1.04.
$FetGetting Ready Massive Volume Coming Bouncing Back Expecting Solid Breakout Soon Still Expecting New Ath Incase Of Successful Breakout Send It Towards 3$ #Crypto #Fet https://t.co/8qYWaSHjW4 pic.twitter.com/DKq2xbXAiK
— World Of Charts (@WorldOfCharts1) August 22, 2024
At its current price of $1.04, FET remains below the $2.30 area, the first big target. This indicates that while the breakout occurred, the upward momentum hasn’t yet reached anticipated levels. The previous high and potential resistance around $2.30 remains a key level to watch if the price begins to rise again.
FET Price Prediction
If the breakout holds and momentum picks up, the first major resistance will be around $1.50, followed by $2.30, and ultimately $3.00 if the bullish trend continues. Surpassing these targets would be necessary for the price to move toward a new all-time high (ATH), as suggested in the analyst’s tweet.
The tweet reads: “Getting Ready Massive Volume Coming Bouncing Back Expecting Solid Breakout Soon Still Expecting New ATH Incase Of Successful Breakout Send It Towards 3$ .”
This analysis hints at an anticipated increase in trading volume, which is essential for driving prices higher. The breakout from the descending channel is indeed solid, but follow-through momentum is necessary to sustain a rally. While the price is currently $1.04, reaching $3.00 would require a huge bullish momentum. This remains a long-term target if market conditions align favorably, especially Bitcoin.
Hot Crypto Presale For Your Watchlist
Besides well-established cryptos, it’s worth researching some early-stage projects that show potential for significant growth in the coming months. One such project is PandaWorld, which has just raised over $110,000 in its ongoing public presale.
PandaWorld centers around six panda siblings, offering a turn-based RPG where players can embark on quests, collect cards, and build teams to progress through various stages. The gaming experience is complemented by a casino platform that utilizes blockchain technology to ensure fairness and transparency.
The $PADW token serves as the primary currency within the Panda World ecosystem. The tokenomics are designed to encourage long-term holding and community participation, with 40% of the 88.8 billion total supply allocated for the presale. This project aims to combine the appeal of a meme coin with real utility through its gaming and casino platforms.
Read also: This Crypto Trader Warns of AAVE Price Crash – 27% Correction Incoming
Captain just hit his first 100x among a lot 2-5xs. Want to be a part of a profitable community?Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post FET Price Pumps 25%, Analyst Predicts Rally Is Far From Over – Here’s Why appeared first on CaptainAltcoin.
