Connect with us
Active Currencies 14749
Market Cap $2,238,840,726,027.90
Bitcoin Share 53.78%
24h Market Cap Change $-6.09

FET reverses August losses with 65% of users in profit: What’s next?

2min Read

FET recovery gains extend to +80%; will the bulls continue winning?

FET

Share this article

  • FET has recovered +80% since early August lows. 
  • Will the rally extend as more users record unrealized profit? 

Artificial Superintelligence Alliance (FET) was one of the best-performing altcoins and AI tokens this week. The token ranked second on weekly gainers on CoinMarketCap, up nearly 60% over the past seven trading days. 

Based on the August lows, FET was up +80% and reclaimed crucial yearly support above $1. Will FET speculators net further gains after reclaiming the yearly support? 

FET back above $1 – What’s the next target?

FET

Source: FET/USDT, TradingView

On the daily chart, the yearly support at $1.1, marked by cyan, was convincingly reclaimed. This support eased the June and July dumps but was cracked during the early August dump. The swing above the previous support was a bullish cue that the FET’s rally could extend. 

However, key technical indicators were entering overbought zones and could suggest that the limit for extra gains could be limited for bulls. Notably, the RSI (Relative Strength Index) was inches away from the overbought zone at the time of writing. 

Additionally, the Stochastic RSI had hit overbought territory and suggested that a cool-off could happen. 

However, a firm move above $1.3 could extend the rally to the next target of $1.59 or $2.0. A cool-off to the yearly support could still offer re-entry points for late bulls.  

65% of users in profit

FET

Source: IntoTheBlock


Read FET Price Prediction 2024- 2025


The +80% recovery rally from the August lows flipped 60% of addresses into profit, according to data from IntoTheBlock (ITB). But an increase in users with unrealized profit could also tip them to take small profits and trigger a coo off to the FET rally.  

Additionally, bets on the derivatives market also called for caution. According to Coinglass data, FET speculators were almost split on the next direction for the altcoin, with nearly equal short and long bets.

The neutral sentiment in the futures market meant that FET could cool off or extend its rally.  

FET

Source: Coinglass

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Share

Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.
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.