FET is revisiting a vital support level at the moment
Market sentiment turns negative, but indicators signal optimism
After breaking out of a bullish pattern, Artificial Superintelligence Alliance [FET] turned bearish once again on the chart last week.
However, investors should not panic, as the cryptocurrency may just be retesting a key support level. In fact, a recent analysis has predicted that FET is likely to see a strong rally soon.
FET prepares to move
World Of Charts, a popular crypto analyst, recently highlighted a breakout on the FET chart on X (formerly Twitter).
Specifically, FET has been following an expanding wedge pattern since March. The coin had a breakout in late September, after which it recorded some growth. However, its price continued to decline over the past seven days.
Still, investors need not worry. Especially since FET may just be testing the upper support level of the expanding wedge pattern.
World Of Charts mentions that in case of successful testing, the value of FET could increase by more than 100%. Some even go so far as to say that this bull run has already begun.
To clarify – According to CoinMarketCap, FET price has increased by more than 7% in the last 24 hours. At the time of writing, it is trading at $1.46.
Is a 100% increase possible?
TinTucBitcoin then examined FET’s Chain metrics to gain a better understanding of whether a 100% rally was justified.
According to data analysis by Santiment, after a strong rally, the weighted sentiment of the coin decreased. This indicates an increase in negative sentiment around the coin.
In addition, the supply on the exchange also increases, meaning that more investors are selling. When selling pressure increases, it increases the possibility of a price correction.
There is still hope though. For example – The MVRV ratio of this coin is increasing, which can be seen as a bullish signal.
Finally, TinTucBitcoin reviewed FET’s daily chart to find out what market indicators suggest about the possibility of a 100% price increase in the near future.
Fortunately, most indicators look quite bullish for FET. For example, according to Bollinger Bands, the coin is testing resistance near the 20-Day Simple Moving Average (SMA).
Other indicators also point to a possible breakout. For example, the MACD indicator suggests a possible bullish crossover. The Relative Strength Index (RSI) has also picked up momentum.
If these are to be believed, FET could be in for a major rally that will provide investors with an opportunity to make profits in the coming days or weeks.
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