FET Set To Surge: Breaking Key Resistance Could Trigger Rally
Fetch.ai (FET) is currently showing promising signs, with analysts predicting that it has the potential to rise exponentially within the next few weeks. In a recent X post, Cryptorphic pointed out that FET has been on the rise and has increased by 66% since his last analysis.
The token is still struggling at the 21-day Exponential Moving Average (EMA) at $1 at the moment. 35. This particular resistance level is very vital in identifying the path that FET is likely to take in the near future.
Cryptorphic pointed out that the concealed divergence in the Relative Strength Index (RSI) has been instrumental in token upward trend. Based on his analysis, the token will likely bounce back if it manages to climb above the $1.35 resistance, it could provoke a rise. This may take FET to the $3 to $4 range in the near future.
FETs Long-Term Potential
He also noted that the long-term perspective of FET is still good with the possible price target of $10 to $12. This shows that there is still great potential for further increase of the prices if the bullish trend is to be sustained.
Another popular crypto analyst, Nebraskangooner, drew the viewers attention to a large inverse head-and-shoulders pattern on tokes price chart. This pattern is usually interpreted as bullish and therefore it might be an indication that the token is about to reverse the trend.
In particular, this pattern indicates that coin has to penetrate the neckline of this formation to validate this move. If this happens, then there will be a possibility of cryptocurrency making new highs and the upside could be massive.
The investors and the traders are eagerly waiting for FET to break these levels so that they can reap good profits in their investments. The following days will be quite decisive for the further development of cryptocurrency in relation to the current resistance and the price target.
FET could be considered as one of the tokens to watch for the short and long term. Investors would be immediately watching out if it is capable of piercing through the $1.35 level and should be expected to remain on the upward trend.
Read more: https://www.tronweekly.com/fet-set-to-surge-breaking-key-resistance-could/
Text source: TronWeekly
