Artificial Superintelligence Alliance (FET) Price Sees 18% Weekly Decline but Maintains Critical Support Above $1.50
FET decreases 18% since its last high but now finds itself at ascending support. A breakout below will signal its corrective phase.
Key Takeaways
- FET’s bullish rally peaked on March 28, then corrected.
- Breakout on August 20 suggests a new bullish phase.
- Expected retracement targets $1.14; support remains above $1.
Artificial Superintelligence Alliance (FET) has experienced significant price movements since its uptrend began in November 2022, peaking in March 2023. After entering a bearish correction phase, the token broke out of a descending channel in August, marking the start of a new bullish trend.
However, current signals indicate an upcoming retracement, potentially stabilizing prices above key support levels.
Artificial Superintelligence Alliance Price Analysis
FET initiated a significant uptrend on Nov. 26, 2022, starting from a support level of $0.070.
The rally peaked around $3.50 on March 28, marking the end of this bullish phase. Afterward, the price transitioned into a bearish phase, forming a descending channel.
This movement was likely a WXY correction, which brought the price down by 78%, reaching a low of $0.72 on Aug. 5.
Following a period of sideways trading around this level, an uptrend emerged on Aug. 20, leading to a breakout above the descending channel and signaling the beginning of a new bullish phase.
Read more: Fetch.ai Price Prediction 2024: FET Price Analysis
FET hit a high of $1.63 on Sept. 20, but momentum slowed, with the price only climbing to $1.74 at its most recent peak.
This deceleration may be attributed to the fact that the rise from Aug. 5 had fully developed, pushing into overbought territory, as suggested by the daily chart Relative Strength Index (RSI)
A retracement is now expected, potentially marking the first corrective phase of this new bull market and forming a macro higher low. From the Sept. 25 high, the price already fell by 18.50% but found support at the ascending support.
Overall, it is still in a bullish structure, but a breakout below it could signal a more significant downturn.
FET Price Prediction
On closer inspection of the hourly chart and the wave structure of the recent uptrend, it appears to be either completed or nearing completion, with one potential higher high remaining.
The five-wave pattern suggests that FET is currently in its final wave from Sept. 6, and a lower degree wave count indicates one more potential high before full development.
The target is around the $2 mark in the short term, though the recent high may have already concluded the five-wave pattern.
Regardless, a downturn is expected, likely in the form of an ABC correction. An optimal retracement point at the 0.618 Fibonacci level, anchored at the projected higher high, points to a target of around $1.14.
This target may vary depending on the momentum and the completion of the uptrend, but the price is not expected to fall below $1, assuming the new bullish phase from Aug. 5 remains intact.
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FET Finally Breaks 165-Day Resistance as Price Sets Sights on $2.10 Next
