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- The FET index has recovered +80% since its lows in early August.
- Will the rise continue as more users register unrealized profits?
Super AI Alliance (Frozen embryo transfer) was one of the best performing altcoins and AI tokens this week. The coin ranked second among weekly gainers on CoinMarketCap, rising by around 60% over the past seven trading days.
Based on the August lows, FET price has surged 80% and reclaimed crucial yearly support above $1. Will FET bulls make more gains after reclaiming yearly support?
FET Back Above $1 – What’s Next?
Source: FET/USDT, TradingView
On the daily chart, the yearly support at $1.1, marked in cyan, has been convincingly reclaimed. This support cushioned the June and July declines, but was cracked during the early August drop. The swing above the former support was a bullish signal that FET’s bull run could extend.
However, key technical indicators have entered overbought territory, suggesting that further gains may be limited for bulls. Notably, the RSI was inches away from overbought territory at the time of writing.
Additionally, the stochastic RSI has reached the overbought zone and is indicating a possible cooling.
However, a strong move above the $1.3 level could extend to the next target at $1.59 or $2.0. Also, a calming at the yearly support level could provide fresh entry points for bullish investors late in the week.
65% of users in profit
Source: IntoTheBlock
Reads FET Price Prediction 2024- 2025
According to data from IntoTheBlock (ITB), the +80% recovery from the August lows has seen 60% of addresses turn into profit. However, the increase in users who are not making a realized profit could also push them into small profits and trigger a run on the FET bull run.
Additionally, bets on the derivatives market also required caution. According to Coinglass data, FET speculators were roughly split on where the altcoin would go next, with short and long bets roughly evenly split.
Neutral sentiment in the futures market means that FET could cool or extend its rally.
Source: Coinglass
Disclaimer: The information provided does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
