Connect with us
Active Currencies 15715
Market Cap $3,475,087,380,246.30
Bitcoin Share 54.48%
24h Market Cap Change $0.97

FET eyes $1.60 after breaking 266-day downtrend – Can it happen?

3min Read

FET Breakout above 266-Day downtrend signals strength; Bulls now target $1.60!

FET eyes $1.60 after breaking 266-day downtrend - Can it happen?

Share this article

  • FET ended its prolonged downtrend, and eyed a higher high of above $1.60.
  • Liquidation clusters at $1.50-$1.60 signaled leverage-driven volatility.

Artificial Superintelligence Alliance [FET] has recently broken a 266-day downtrend, signaling a potential trend reversal. The token’s price has increased by 7.88% over the past week, with a market cap of $3.46 billion. 

 However, analysts cautioned that FET faced a significant resistance at the $1.60 level.

A failure to surpass this threshold could lead to a double-bottom formation, especially if Bitcoin [BTC] experiences a correction toward $80,000. 

Lower time frame analysis

After a prolonged 266-day downtrend, FET has finally broken out, moving above a descending trend line resistance with significant volume, signaling strong buyer interest.

Trading at $1.42 at press time, the breakout marks a major step forward, but the price now faces strong resistance in the $1.60-$1.65 zone. 

Achieving a higher high with a close above this level is crucial to confirm a sustained uptrend and open the path toward the $2.20-$2.50 range over the next few months.

FET price chart

Source: TradingView

However, until FET clears this resistance, there remains the possibility of a Double Bottom formation, which could be triggered by a market pullback, potentially shaking out leveraged positions.

 Failure to break $1.60 may lead to a pullback toward $1.20 or even $0.72, where strong support lies.

The next few weeks will be pivotal in determining whether FET continues its bullish momentum or consolidates at lower levels.

Looking at the 4- hour chart, the price is retracing to the initial accumulation range near $1.36, where buyers previously accumulated and pushed the price higher.

Source: TradingView

A retrace to this level will offer traders an opportunity to align with smart money and potentially ride the wave again to the upside.

If the price successfully bounces from $1.36 and shifts momentum, the next key level of resistance to watch is $1.645.

Indicators like the MACD, which shows weakening bullish momentum with a potential bearish crossover, and the Awesome Oscillator (AO), reflecting declining positive momentum, suggest a short-term pullback. 

FET shows strong network growth

There has been a significant increase in activity for Fetch.ai, with daily active addresses (green) reaching over 2,400 during recent peaks, while new addresses (blue) climbed above 1,200, signaling growing user engagement.

Zero-balance addresses (orange) have also risen consistently, indicating an influx of new users preparing to engage with the network. 

Over the past seven days, new addresses increased by 3.35%, and active addresses rose by 1.02%, further emphasizing growing adoption.

However, zero-balance addresses decreased by 2.25%, reflecting some accounts transitioning to active use.

FET addresses

Source: IntoTheBlock

This activity correlates closely with price movements, as the recent peak of $1.70 coincided with spikes in both new and active addresses. 

The consistent rise in active addresses underscores ongoing adoption, while the decline in zero-balance addresses suggests a shift from speculative interest to actual utility and transactions.

On the upside, significant long liquidations begin to accumulate above $1.50, peaking near $1.60, indicating increased risk for over-leveraged long positions in case of a retracement. 

Conversely, short liquidations are concentrated below $1.40, with the intensity increasing as the price moves closer to $1.30. 

Source: Coinglass


Read Artificial Superintelligence Alliance’s [FET] Price Prediction 2024 – 2025


This suggests that a price drop below $1.40 could trigger cascading liquidations of short positions.

The map showed a high level of leveraged activity, which could lead to volatility spikes as price moves toward liquidation-heavy zones.

Share

Maxwell is a crypto-economic analyst and blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.