For a large part of the year, it has been downhill for FET, the token of the Artificial Superintelligence Alliance project. Year-to-date (YTD), FET’s price has fallen by 55%.
As a result, it is no longer part of the top 50 cryptocurrencies in terms of market cap. However, the last few weeks has seen things change for the altcoin.
While trading at $0.58, FET’s price has increased by 13% within the past seven days and cumulatively 22% in two weeks.
This breakout suggests renewed interest. But can the token sustain the rebound?
FET suffered a severe correction after hitting $1.65 in January. By March 10, the altcoin’s value had dropped to $0.45 — the lowest it has reached this year.
However, the decline to $0.45 seems to mark the period of seller exhaustion. At that time, FET’s price had formed a falling wedge, hitting lower highs and lower lows.
Following the pattern formation, the altcoin broke above the upper descending trendline and validated a bullish reversal. This breakout was vital in sending FET to $0.58.
However, it does not seem like the upswing will end there, with other indicators supporting an extended rally. For instance, the Chaikin Money Flow (CMF) reading has risen to 0.08.
This rise in the indicator’s rating signifies rising buying pressure. If sustained, FET’s price might break the resistance at $0.63 and probably climb toward $0.75.
From an on-chain perspective, the Market Value to Realized Value (MVRV) ratio also suggests that FET’s price might continue to climb.
The MVRV ratio compares a crypto asset’s market value to its realized value, helping to identify potential market tops and bottoms. A high ratio may indicate overvaluation, indicating a possible price decline, while a low ratio suggests undervaluation, hinting at a buying opportunity.
According to Santiment, FET’s 30-day MVRV ratio was -29% on March 10. The ratio at that time indicated a historical bottom.
Today, the metric has risen to 7.20% in the positive region. Despite the increase, FET does not seem to be overvalued as data shows that it hits that point when the ratio is between 12% and 22%.
Therefore, if past performance rhymes with the current trend, FET’s price might continue to rise in the short term.
FET Price Analysis: To Close In On $1
Looking at the price action from a 4-hour lens, CCN noticed that the Awesome Oscillator (AO) reading has climbed to the positive region. This AO reading indicates bullish momentum around the token.
Should the AO reading continue to rise, then FET’s price might follow in a similar direction. In terms of its potential short-term target, the Fibonacci indicator shows that the token could rise to $0.73 at the 0.786 ratio.
If buying pressure intensifies, the altcoin’s value might climb to $0.98 at the 0.618 golden ratio.
FET/USD 4-Hour Chart | Credit: TradingView
However, if selling momentum overtakes the buying volume, this prediction might be invalidated. In that case, FET’s price might experience another correction toward $0.41.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
