Fetch.ai (FET) Increased 50 Percent, May Increase Another 40 Percent in the Near Future

#Fetch.ai (FET) price has broken above the short-term downtrend. The asset is currently trading in the process of breaking a long-term trend. The token has increased by 50% in the past 7 days. The rise is expected to continue for FET in the near future. #Fetch.ai price bounced from the long-term support zone to $0.17 (blue arrow) at the beginning of June. It has been trading within a symmetrical triangle ever since. Since this is a neutral formation, the way the price breaks out of the pattern will determine the next trend.

Popular token FET is currently attempting to break above the triangle and form a major bullish candle. If successful, it will confirm that the bulls have taken control of the market. Thus, a new uptrend will probably follow. The weekly RSI (Relative Strength Index) has moved above the 50 level. It supports a potential breakout due to its upward slope. If the bullish momentum continues, FET could gain 43% from the current level. It thus reaches a key horizontal resistance zone at $0.43

The daily chart shows that FET price has broken above the ascending parallel channel that has formed since early June. A break above this is usually followed by uptrends. #FET successfully converted the resistance of the channel into support yesterday (October 26) (blue arrow). Thus confirming that the break was valid. However, the RSI has entered the overbought zone. Therefore, a minor correction or consolidation is likely before the price continues to rise. In this case, #FET should consolidate just above the channel resistance at $0.28

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