FET analyst predicts a 565% hike – Should you bet on it today?

• The recurrent bullish pattern was appearing for the sixth time as analyst projects a target price of $3.906. 
• Market sentiment has realigned favorably, supported by a range of positive metrics. 

Artificial Superintelligence Alliance [FET] has stood out in the cryptocurrency market over the last 24 hours, notching a gain of over 10% and experiencing a significant volume surge of 91.1%. This upswing appears to be just the beginning, suggesting a promising outlook for the coming days.

In light of the prevailing bullish environment, AMBCrypto explores the reasons behind the rally and the prospects of its bullish continuation in subsequent trading sessions.

Historical patterns signal a potential upsurge in FET’s rally

According to a chart by analyst Mister Crypto, FET is prepared for a significant upward movement—potentially marking the sixth instance of respecting this specific level.

The analysis, based on the weekly timeframe, suggests a recurring pattern: each rally is typically followed by a downturn and a subsequent rise after a shift in market structure at the bottom.

Currently, after a recent downturn, FET has shown a notable change in market structure, positioning it for a possible surge. Mister Crypto’s analysis predicts a 565.52% increase, targeting a price of $3.907.

Source: X

While the duration of this rally is uncertain, AMBCrypto attributes the predicted upturn to strong technical analysis.

Price action shows a promising breakout

AMBCrypto’s recent review of FET’s price action shows the cryptocurrency is trading within an ascending triangle, on the brink of a breakout. 

This pattern, defined by a horizontal support and a diagonal resistance line, often signals a forthcoming substantial price movement. Currently, FET sits at the resistance line, ready to break out and potentially initiate a major price swing.

Analysis using the Fibonacci retracement tool highlights five critical targets for the expected upward movement: $1.763, $2.091, $2.419, and $2.886, with a peak target at $3.480, adjusted downward by $0.46 a slightly lower peak target from analyst target of $3.906. 

Conversely, should the market sentiment turn bearish, the asset could drop to $0.702.

Source: Trading View

The optimistic outlook is reinforced by the Relative Strength Index (RSI), which stands at 60.96. An RSI reading above 50 typically indicates that bulls dominate the market, suggesting that FET’s price may continue its upward trajectory.

Whales and retail traders align as bulls in the market

Whales are not taking a back seat; they are actively participating alongside retail traders.

Analysis of liquidation data by Coinglass, which reflects the activities and sentiments of retail traders, indicates that those betting on the price of FET to rise are currently seeing more profitable outcomes. 

As of the latest reports, of the $269.49k liquidated in the market, short traders have accounted for $210.22k in losses. This indicates that the market moved against their positions, forcing them to close at a loss.

Read FET Price Prediction 2024- 2025

Moreover, the Netflow—a metric that tracks the supply of a token available on exchanges—has been predominantly negative. Such trends suggest that whales are transferring their FET from exchanges to private wallets.

Source: Coinglass

This shift reduces the liquidity of FET on exchanges, which typically leads to an increase in the asset’s price.