Altcoin

FET breaks key resistance: Can it cross $3 by year-end?

FET rallies to make a key breakout as profits surge and bullish momentum builds.

Published

5 days ago

December 7, 2024

Kelvin Murithi

Edited By: Jacob Thomas

FET holders bagged profits as the token’s bullish patterns drove momentum.
Reduced selling pressure and rising Open Interest signaled the potential for further gains.

Artificial Superintelligence Alliance [FET] has made impressive strides in this altcoin bullish period, with 82% of holder addresses in profit at the current price.

The altcoin has benefited from positive market conditions and strong technical setups, reflecting a surge in investor confidence.

Source: IntoTheBlock

These gains are supported by a significant reduction in selling pressure, evidenced by the low net deposits on exchanges compared to the 7-day average.

Fewer deposits on exchanges suggest that many holders prefer to keep their positions, providing a strong base for further price appreciation.

The decreased selling activity has allowed FET to maintain its upward trajectory.

Source: CryptoQuant

FET’s Open Interest surges

Further boosting optimism around FET is the sharp surge in Open Interest. The metric has hit the highest levels since late March, a period when the token reached an all-time high. That indicates growing participation from traders and is often a signal of bullish sentiment in the market.

With the selling pressure now shrinking and interest in the crypto swelling, FET may be building up for its potential price breakout.

Source: Coinglass

Breaking key resistance at $1.85

FET’s technical performance has been impressive. The Ethereum-based token recently broke out of a bullish pennant pattern, moving past the critical resistance level of $1.85.

Such breakouts often signal the beginning of a significant rally. The next major resistance is at $3.45, and many analysts are speculating whether FET could cross the $3 mark before the end of the year.