- An analyst predicts a potential bullish rally for FET after breaking a Broadening Wedge pattern on the daily chart.
- Whale accumulation indicates strong long-term growth expectations for Fetch.ai’s token despite recent momentum slowing.
Popular analyst Captain Faibik has underlined the possibility for a significant movement for the token Artificial Superintelligence Alliance (FET). He tweeted an analysis revealing that the FET token had broken out of the Broadening Wedge pattern on a daily timeframe.
Usually indicating the possibility for notable price volatility, this technical pattern Faibik thinks the breakout can result in a strong bullish surge since the projected positive momentum in October will get more intensity. He stated:
“We can expect a Massive Bullish Rally in October, so keep an eye on it.”
FET Poised for a New All-Time High at $4
Moreover, Faibik also estimated that the FET price would raise to the $4 level, therefore determining a new All-Time High (ATH) for the token. Given the current price remaining far from that target, the possible reward for investors is really great.
$FET has broken out of Broadening Wedge on the daily timeframe, but we haven't seen a Strong Bullish Rally yet.
We can expect a Massive Bullish Rally in October, so keep an eye on it. #Crypto #FET #FETUSDT pic.twitter.com/Ee7Yh7XoOF
— Captain Faibik (@CryptoFaibik) October 1, 2024
The FET token was trading about $1.40 at the time of writing this article, up 1.46% over the last 24 hours. Its price movement over the past thirty days also clearly shows the positive trend, thereby supporting the belief that the token is increasing momentum.
Furthermore, a previous report by CNF highlighted that despite the slowing down of momentum recently, whales—or big investors—have been steadily purchasing FET tokens. This whale accumulation points to a token’s expected long-term development being positive.
Also, another analyst pointed out that the FET token will have a strong potential to retest the $2 level, which will be a main resistance level in the upcoming movement, if it can keep its price above $1.55. Breaking over this level successfully could help boost the continuous mobilization.
Apart from the technical advancements and market impression, as we have reported, Fetch.ai has also revealed the introduction of the most recent iteration of its mobile wallet, version 1.0.2. Several significant enhancements in this update—a better governance proposal and an auto-lock security mechanism—should boost user confidence in the Fetch.ai ecosystem.
