With a downward trend on the daily chart, FET coin price is forming a downward channel, breaching around the $1 mark.
This sudden V-shaped reversal in the AI coin leads to a failed breakdown of the down channel.
The sudden 41% jump undercut last week's decline and reclaimed the 200-day moving average and $1.50 mark. Currently, FET price is trading at $1.6570 with an intraday gain of 9.99% forming another bullish candle.
According to the Fibonacci level, the uptrend is approaching the 50% Fibonacci level and the 50D Exponential Moving Average. A bullish breakout of this level could boost the AI coin to cross the downward channel.
In such a case, the upside in FET coin price could reach a peak of $3.20, i.e. an almost 100% rise.