FET eyes major breakout: Could we see a $3 price point soon?

• FET bulls have already pushed the token up in double digits last week. 
• Market sentiment around the token turned bearish in the last few days. 

Artificial Superintelligence Alliance [FET] has been on a gaining spree during the last week as its value submerged in double digits. The better news was that it was once again approaching a crucial resistance level.

A breakout above that mark could be a gamechanger for the token. 

FET approaches a target 

CoinMarketCap’s data revealed that FET registered an over 15% price hike last week. The last 24 hours were also bullish as the token’s price increased marginally. At the time of writing, FET was trading at $1.60 with a market capitalization of over $4 billion.

In the meantime, World of Charts, a popular crypto analyst, posted a tweet revealing quite a few interesting updates. As per the tweet, FET has been on its way to display an 80% price uptick.

Notably, the token has also been approaching a vital resistance of a widening wedge pattern.

The pattern emerged in March, and since then the token has been consolidating inside it. In case of a breakout, investors might expect the token to reach $3. 

Source: X

The odds of FET’s next bull rally

AMBCrypto then checked the token’s on-chain data to find out the possibility of a breakout. We found that selling pressure on the token increased, which was bearish.

As per our analysis of Santiment’s charts, FET’s supply on exchanges increased while its supply outside of exchanges dropped. This clearly indicated that investors were selling the token.

Additionally, its exchange inflow also spiked, suggesting a sell-off. Whenever selling pressure rises, it hints at a price correction. 

Source: Santiment

Apart from that, we also found that the token’s weighted sentiment dropped, meaning that bearish sentiment around FET increased in the market. Nonetheless, its social volume remained relatively stable, reflecting its popularity in the crypto space. 

Source: Santiment

Since the metrics gave mixed signals, we chose to take a look at the token’s daily chart to better understand what to expect. 

Read Artificial Superintelligence Alliance’s [FET] Price Prediction

We found that the Chaikin Money Flow (CMF) registered a downtick. This indicated that there were chances of a price correction. 

However, the MACD remained in the buyers’ favor as it displayed a bullish crossover. If FET’s bulls take over, then it might drop to $1. But if the uptrend continues, then it will open a clear path for the token to touch $3 in the coming weeks.

Source: TradingView