FET Finally Breaks 165-Day Resistance as Price Sets Sights on $2.10 Next
FET Breaks Resistance | Credit: Getty Images
Key Takeaways
- Artificial Superintelligence Alliance (FET) broke out from a 165-day resistance.
- The FET price has been up 90% since its August 5 lows but struggles with minor resistance.
- Has the lengthy downward trend for FET ended, and if so, what’s the next target?
Artificial Superintelligence Alliance (FET) was one of the leaders of the AI category in the current market cycle. At one point, it increased nearly 6,500% and reached a new all-time high price. However, its price began a lengthy downtrend in March that was not abated even by the news of the ASI merger.
However, the tides have turned since Aug. 5, and FET is in the process of creating a bullish structure. Will it be successful, and if so, how much further can it increase?
FET Breaks Resistance
The daily time frame analysis shows that the price of FET has fallen under a descending resistance trend line since the all-time high of $3.48 on March 28. The decrease culminated with a low of $0.70 on Aug. 5.
FET bounced afterward, catalyzed by a bullish divergence in the Relative Strength Index (RSI) and MACD. After the divergence, both indicators crossed their bullish thresholds at 50 and 0, respectively.
The price action has also turned bullish. Firstly, FET reclaimed the $1.08 horizontal area and validated it as support. Then, it broke out from the descending resistance trend line. At the time, the trend line existed for 165 days.
The FET price today attempts to create a higher low. If it continues to increase, the next resistance will be at $2.10. The 0.5 Fibonacci retracement level and a horizontal resistance create this area.
New All-Time High Next?
Similarly to the daily price action, the long-term wave count gives a bullish FET prediction.
According to the count, FET has finished wave four in a five-wave increase. The price action reveals that the Aug. 5 bottom also caused a deviation below the $0.90 horizontal area, which acted as the previous all-time high resistance.
Then, the breakout from the resistance trend line confirmed that wave five had started.
Wave three has extended, and its sub-wave count is in black.
Because of the extension, waves one and five will likely have the same length. If this turns out to be the case, FET will increase to a new all-time high of $8.05.
FET Price Rally Ahead
The price action, indicator readings, and wave count all suggest that FET has finally ended the downward trend that has existed since March. If this is the case, FET will soon accelerate its increase and is likely to reach a new all-time high.
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