As a seasoned researcher with over a decade of experience in the crypto market, I’ve seen my fair share of bull runs and bear markets. The recent performance of the Artificial Superintelligence Alliance (FET) has caught my attention, not just for its impressive surge, but also for its resilience amidst market volatility.
1. Over the past fortnight, the Artificial Superintelligence Alliance’s (FET) performance has been quite impressive. Even amidst recent market turmoil, the AI-linked cryptocurrency experienced a substantial rise, climbing more than 60% just a week ago. In the last day alone, the token’s price has jumped by 4%, touching on a key resistance point that could potentially drive its value close to its record high (ATH).
FET Sees 30% Monthly Surge
Despite market setbacks in August, FET displayed a strong performance, experiencing a significant 30% rise over the past month. On the other hand, the ASI alliance token has experienced a substantial 49% growth over the last fortnight and managed to surpass its previous levels before Black Monday within this time period.
Furthermore, last week witnessed a significant increase in trading activity, value, and whale involvement, fueled by bullish sentiment from FET‘s on-chain advancements which boosted the cryptocurrency’s price by approximately 60%. This surge propelled the digital currency’s price to reach $1.46 on Tuesday, a level not observed since mid-July.
Nevertheless, market uncertainty caused FET‘s advance to stall, driving its value down to a two-week low of $1.06. The token attempted to break through the $1.20 resistance level over the weekend, however it failed and settled above the $1.10 price range instead.
Multiple market analysts have singled out this display, observing that the token has consistently stayed above the significant support of $1.17. This level was challenged and sustained since late February when the token’s price surge took it to its peak in March at $3.45. However, this momentum faded as July drew to a close.
Analysts Suggest Key Levels To Watch
Market analysts have pointed out that FET has breached significant horizontal boundaries. This cryptocurrency has been following a declining wedge formation for several months, touching the upper and lower trendlines on numerous occasions.
As per Crypto Yapper’s analysis, several significant horizontal levels have emerged over the past month. A few weeks back, the token experienced a bounce off the substantial $0.8 support region. This area was identified as an “intriguing accumulation zone” by the analyst.
After that, FET experienced a substantial increase, escaping from the downward sloping trend known as a falling wedge. Post this breakout, it has been trying to transform the subsequent flat resistance barrier into a supportive area.
According to the analyst’s assessment, if the cryptocurrency maintains its current level at approximately $1.17, it may advance towards the next significant resistance level near $1.7. If this uptrend continues, the peak of the pattern could align with the breakout target, roughly around $3.4. In simpler terms, the analyst believes that if the price holds steady at $1.17, it might climb to $1.7, and then potentially reach $3.4, assuming a continued bullish trend.
On the contrary, some analysts are warning that the token’s market trend remains bearish. However, as per Altcoin Sherpa’s analysis, FET is trying to establish a lower peak (higher low) in its chart. To confirm an uptrend, this lower peak needs to be followed by a higher peak (higher high).
To Sherpa, if the token manages to reach this point, it would suggest a “short-term floor” has been established. Furthermore, he considers the $1.5 price range a “crucial level” for potential future price increases.
Over the past day, FET has fluctuated within the $1.1 to $1.21 price bracket, consistently staying above its crucial support threshold during early hours of Monday. Currently, it’s being traded at $1.2, marking a 4% increase in value compared to yesterday.
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2024-09-03 13:17