TLDR:
- FET has seen a significant price increase, rising 66% in recent weeks
- The token is currently facing resistance at the $1.35 level
- Analysts predict potential for FET to reach $3-$4 in the near term and $10-$12 long-term
- Technical patterns like an inverse head-and-shoulders formation suggest a possible bullish trend
- Despite the rally, some indicators point to a potential short-term cooldown
Fetch.ai’s FET token has experienced a notable price surge, climbing approximately 30% over the past three days. The artificial intelligence-focused cryptocurrency rose from $1.05 on September 8 to a high of $1.3 on September 10, breaking through a significant long-term trendline resistance.
The recent rally has caught the attention of crypto analysts and investors alike. Cryptorphic, a well-known analyst, pointed out that FET has increased by 66% since his last analysis.
The token is currently testing a crucial resistance level at $1.35, which is considered a pivotal point for its future trajectory.
Technical indicators are providing mixed signals for FET’s short-term prospects. The Relative Strength Index (RSI) shows strong demand without reaching overbought conditions, suggesting potential for further gains.
However, the stochastic RSI is approaching overbought territory, which could signal a temporary slowdown in the upward momentum.
If FET manages to break above the $1.35 resistance, analysts believe it could trigger a significant rally. Cryptorphic suggests that such a breakthrough could propel the token to the $3 to $4 range in the near future. Looking at the longer term, he sees potential for FET to reach $10 to $12.
Another analyst, Nebraskangooner, has identified a large inverse head-and-shoulders pattern on FET’s price chart. This formation is typically interpreted as a bullish signal, indicating a possible trend reversal and further upside potential.
Despite the recent gains, data from Santiment reveals that investors who purchased FET in the past three to six months are still experiencing unrealized losses of 72% to 79%. This suggests that the token may be undervalued at current prices, potentially leaving room for further growth.
However, derivative markets are showing an increase in bearish sentiment. At the time of writing, 52% of positions were shorting FET, indicating that many speculators anticipate a cooldown following the recent rally.
The surge in FET’s price has been primarily driven by large transactions. On September 10, the token saw a total volume of $56.14 million, coinciding with an 11% price increase. This suggests that whale activity has played a significant role in the recent uptrend.
As of September 12, FET is trading at $1.41, representing an 8.21% increase in the past 24 hours. The token’s market capitalization stands at $3.544 billion, maintaining its position as a significant player in the crypto-AI segment.
While the long-term outlook for FET remains positive, investors should be prepared for potential short-term volatility. A retest of the recently broken trendline resistance or a pullback to the support zone around $1.05 – $1.12 could occur before any further upward movement.
