Key Takeaways
- After weeks of downward pressure, FET has broken above the upper trendline of a descending triangle.
- The IOMAP shows support between $0.64 and $0.65, while resistance near $0.68 and $0.79 is lighter.
- A continued breakout could push FET’s price to $0.75, then $0.82, with longer-term potential upwards.
FET, the native cryptocurrency of the Artificial Superintelligence Alliance (ASI), seems ready to rebuff weeks of downward momentum. At press time, FET’s price is $0.69, representing a modest 4.07% increase in the last 24 hours.
This recent bounce appears to have renewed optimism among holders. In this analysis, CCN explains why that could be possible and what’s next for the altcoin.
FET Flirts with Breakout
On the daily chart, FET’s price has broken above the upper trendline of a descending triangle. The pattern’s support holds firm at $0.65, while the token has already climbed to $0.69, marking a decisive move beyond the triangle’s resistance boundary.
The Chaikin Money Flow (CMF), which has begun trending upward, supports this breakout and suggests that buying pressure is returning to the market.
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The CMF reading is now hovering just above the zero signal line, a threshold often seen as a transition point between bearish and bullish capital flows.
If this momentum holds, FET will likely challenge immediate resistance at $0.73. A successful breakout above that level could open the path for bulls to target the next key hurdle near $0.82.
Resistance Cracks
The In/Out of the Money Around Price (IOMAP) indicator reinforces the bullish outlook for FET. This on-chain metric shows that price zones with a high concentration of profitable addresses act as strong support, while areas dominated by unrealized losses often present stiff resistance.
For FET, the $0.64 to $0.65 range is dominated by a dense cluster of profit-making holders, establishing it as a reliable support zone. In contrast, resistance is building between $0.68 and $0.79.
However, this trend favors bulls since volume is heavier in the profitable zone than in the loss-heavy range. If momentum holds, FET’s price has a strong chance of surging past the $0.79 resistance in the short term.
FET Price Analysis: $1 Calls
On the daily chart, CCN observed a breakout in the Money Flow Index (MFI) — a signal that selling pressure is easing while bullish momentum begins to build.
However, for this upswing to continue, FET’s price must first surge above the $0.75 resistance, which aligns with the upward barrier. A successful move beyond this level would likely confirm the bullish reversal.
If validated, the next primary target lies at $1.07, which coincides with the 0.618 Fibonacci level, also known as the golden ratio. If achieved, FET could experience a surge in the $1.50 direction.
On the flip side, if buying pressure fails to intensify, this prediction might not happen. In that scenario, FET could decline below $0.50.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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