FET is currently retesting a crucial support level amid bearish market sentiment, yet technical indicators suggest a potential rebound. After breaking out in late September, FET's price declined, but analysts predict a possible 100% surge if support holds. Recent data shows FET gained 7% in 24 hours, with bullish signals from MACD and RSI. However, rising sell pressure and declining sentiment metrics raise concerns about a correction. The short-term outlook remains cautiously optimistic.
Key Support Retest Underway
- FET is testing a critical support zone while trading at $1.46 (7% 24-hour gain).
- Market sentiment leans bearish, but technicals hint at recovery.
FET's Bullish Pattern Breakthrough
The Artificial Superintelligence Alliance token [FET] has dipped after breaking out of an expanding wedge pattern formed since March. Noted analyst World Of Charts highlighted this breakout on X (formerly Twitter), suggesting:
"A successful retest could trigger a 100%+ rally, potentially initiating a new bullish phase."
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On-Chain Metrics Analysis
- Weighted Sentiment: Declined after a spike, indicating growing bearishness.
- Exchange Supply: Rising sell pressure heightens correction risks.
- MVRV Ratio: Increased, signaling accumulation potential.
Technical Indicators Favor Bulls
- Bollinger Bands: Testing resistance near 20-day SMA.
- MACD: Approaching bullish crossover.
- RSI: Gaining upward momentum.
FAQs
Q: What’s driving FET’s potential rally?
A: The expanding wedge breakout and strong technical indicators suggest bullish momentum if support holds.
Q: Could rising sell pressure derail the uptrend?
A: Yes, increased exchange supply may delay the rally until selling subsides.
Q: How reliable are current bullish signals?
A: MACD/RSI concur, but traders should monitor Bitcoin’s market-wide influence.
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Conclusion
While FET shows promise for a major rally, investors should watch key support levels and market sentiment shifts. The 100% surge scenario remains plausible but requires sustained buying volume and reduced sell pressure.