- FET is up +80% from its lows in early August.
- How long will the rally last as more users realize unrealized gains?
Artificial Superintelligence AllianceFETThis week, ranked as one of the top performing altcoins. CoinMarketCap ranked the token second in weekly gains, with a gain of nearly 60% during the last seven trading days.
FET recovered the crucial support level of $1.50 based on August’s lows. FET traders will continue to make gains after the annual support is reclaimed.
FET back above $1 – What’s the next target?
On the daily graph, the $1.1 yearly support, marked in cyan, has been convincingly reclaimed. This support was a calming force during June and early July’s dumps, but broke down in the first half of August. The move above previous support is a sign that FET rally may continue.
Technical indicators, however, were approaching overbought levels and this could mean that additional gains for bulls are limited. The RSI was just inches from being in the overbought area at the time this article was written.
The Stochastics RSI also indicated that the market was overbought and suggested a possible cooling off.
The rally could reach the next The target is $1.59, or $2. The yearly support may still be a good reentry point for bulls.
Users are in the profit at 65%
Click Here to Read FET Price Prediction 2024- 2025
According to data provided by IntoTheBlock, the +80% rally since August’s lows has turned 60% of addresses in profit. A rise in the number of users who have unrealized profits could cause them to sell small amounts and take a coo to FET rally.
Also, the derivatives markets also call for caution. Coinglass data shows that FET traders were nearly split in their opinions. next Short and long bets are nearly equally divided between the direction of altcoin.
FET may extend or cool down its current rally depending on the sentiment of futures markets.
Disclaimer: This information is not intended to be a comprehensive guide. financialThe writer is not providing any investment or trading advice.
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Source: ambcrypto.com