Key Takeaways
Artificial Superintelligence Alliance (FET) performed admirably in 2023 and the first portion of 2024, reaching a new all-time high in March. At the same time, the price has corrected since it started a new short-term increase in August that is still ongoing.
FET moved above a horizontal and a diagonal resistance level during this increase.
With this in mind, the price may have started its bullish trend reversal toward a new all-time high.
The daily FET price chart shows that the price has increased since its $0.70 low on Aug. 5.
Since then, FET has created several higher lows alongside an ascending support trend line (dashed). While doing so, it reclaimed the minor horizontal level at $1.07.
Afterward, FET broke out from a long-term descending resistance trend line, which has existed since the all-time high of $3.48 on March 28.
The reclaims suggest that the previous downward trend has ended, and a new bullish one has begun.
On Oct. 10, FET bounced at the ascending support trend line (white icon) again. The bullish trend reversal is valid as long as the trend line is intact.
A bullish divergence in the Moving Average Convergence/Divergence (MACD) preceded the upward movement (green). Currently, the MACD is at 0 and the bullish divergence trend line. It is also close to making a bullish cross.
So, conditions are ripe for a significant FET price bounce. If that happens, the next resistance will be at $2.10, created by the 0.5 Fibonacci retracement resistance level and a horizontal resistance area. The area is 42% above the current price.
Cryptocurrency analysts on X are overwhelmingly bullish for the future FET trend. Cryptoboss has a target of $5, while Seth has one of $15.
The latter believes that the hype around Artificial intelligence (AI) will be a bullish catalyst for the FET price.
Mister Crypto also believes that FET will go parabolic, as it has done multiple times in the past.
Even more subdued predictions like the one from Income Sharks suggest that FET will increase by 75% and reach $2.20.
Let’s look at the wave count and attempt to find some potential targets for the top of the ensuing increase.
The weekly time frame chart also gives a bullish outlook because of the price action, indicator readings, and long-term wave count.
The price action shows that FET deviated below and reclaimed the $1 horizontal area (black circle).
The area acted as the previous all-time high in 2021. Shortly afterward, the Relative Strength Index (RSI) increased above 50, supporting the bullish trend reversal.
Next, the wave count suggests that FET started the fifth and final wave of its upward movement in Dec. 2022. Wave three has extended based on the price action, while wave five may have also extended. The sub-wave count is in black.
If wave five has the same length as wave three, FET will reach a high of $15.45 this cycle. On the other hand, if wave five does not extend and has the same length as wave one instead, FET will top at a high of $8.30 for the current market cycle.
The price action from multiple time frames, along with the indicator readings and wave count, give a bullish FET price prediction.
If the rally continues as projected, FET will not only reach a new all-time high but can also increase toward $8.30 and possibly $15.45.