FET Rally Continues With 36% Weekly Gain — Price Surge to $1 Still in Place

Key Takeaways

• FET has surged 35% a week after breaking out of a descending triangle and entering an ascending channel.
• On-chain data shows strong support at $0.65, backed by 177 million FET in unrealized profits across 1,550 addresses.
• The Supertrend reveals a buy signal, and the MFI shows high buying pressure, pointing to a possible breakout above $0.75.

As CCN predicted about a week ago, FET, the native asset of the Artificial Superintelligence Alliance project, has continued to move closer to $1.

Over the past 24 hours, the price has jumped another 10%, bringing its seven-day gains to 35%.

While some altcoins have seen similar runs only to give back much of their progress, FET appears to hold strong. Based on current indicators, the rally might still have room to run.

FET Uptrend Gathers Steam

FET broke out of a descending triangle pattern on April 11, signaling a clear shift in momentum.

Since then, the price has surged from $0.44 to $0.69, forming an ascending channel in the process.

This pattern, characterized by higher highs and higher lows, suggests the rally still has legs. If the structure holds, FET could be gearing up to challenge key resistance levels ahead.

On the daily chart, momentum indicators are backing the move.

The Awesome Oscillator (AO) has climbed to 0.14, flipping into positive territory.

When the rating is negative, momentum is bearish. But in this situation, the AO has a positive reading, indicating bullish momentum around FET.

Like the AO, the Moving Average Convergence Divergence (MACD) has also crossed over to the positive region. This crossover aligns with the bullish momentum shown above, with the 12 EMA (blue) also crossing above the 26 EMA (orange).

If this trend continues, FET could continue to climb higher than it has in the last week.

Support Threatens Resistance

From an on-chain perspective, CCN examined the In/Out of Money Around Price (IOMAP). With the IOMAP, one can spot support or resistance by measuring the volume of cryptos in unrealized profits and losses.

Typically, the higher the volume of profits, the stronger the support. On the other hand, the larger the cluster in losses, the stronger the resistance.

According to IntoTheBlock, the major support for FET stands around $0.65. At this level, 1,550 addresses have over 177 million coins in profits. This volume outweighs the number of FET in unrealized losses purchased between $0.70 and $0.80.

Due to this, the FET crypto price will likely break through these levels as the supply wall might not be enough to push back the support.

FET Price Forecast: $1 Not Far Off

Back to the technical outlook, the daily shows that the green line of the Supertrend has appeared below FET’s price. This indicates a buy signal and suggests that the market value might continue to rise.

In addition, the Money Flow Index (MFI) reading has risen to 85.04, indicating intense buying pressure around it. Should this trend remain the same, FET’s price could breach the resistance at $0.75.

Once validated, the price could climb to the 0.618 golden ratio at $1.07. If buying pressure remains present at this point, the value could surpass $1.50.

On the flip side, if selling pressure comes into play, FET could lose hold of the $0.65 support. In such a situation, the altcoin risks a notable correction to $0.35.