FET Targets The $2 Mark: Can Bulls Push Through Amid Rising Demand

Artificial Superintelligence Alliance (FET), a blockchain-based platform democratizing access to artificial intelligence, has gained immense bullishness this week.

Fueled by the rising demand and new developments, the FET price continued to extend the gains and registered a breakout.

The token registered a range breakout last week. It was followed by a double-bottom formation and a significant rebound from the demand zone of $0.760.

Afterward, it continued to gain traction and crossed the declining trendline of $1, which trapped the bear cartel.

What Fueled the FET Price Breakout?

A member of the Artificial Superintelligence Alliance disclosed the FET Innovation Lab on Aug 23. It pointed out that this hub will trigger the creation of AI Agent solutions.

To support this pursuit, this platform has recently developed ways to increase its impact in every aspect of the industry.

It revealed an annual budget of $10 Million to invest in projects that will deploy the company technology stack to develop AI agents.

Along with this significant development growth, rising demand fueled the price surge. Over the weekend, most AI-based crypto tokens gained bullish momentum and stepped upwards, extending their gains.

The FET Price at Press Time

Over the past 24 hours, the FET price has surged by over 22%. In contrast, its trading volume spiked over 38%, underlying the rising investors’ optimism. The token changed hands at $1.30 and set the eyesight to reach the $2 mark in the next sessions.

With a market cap of $3.29 Billion, the token was ranked 31 and had a total supply value of 2.63 Billion.

Is FET Poised to Catch $2 Mark: Price Action Analysis

The FET token has encountered a massive pullback from the bottom mark of $0.800 on the daily chart. It recovered more than 55% this week.

FET Price Chart | Source: Santiment

With a continuous bullish streak and follow-on bullish momentum, the token seemed poised to reach the 50% Fib resistance near $2 shortly.

Crypto Analyst, Captain Faibik, shared his technical outlook via X (formerly Twitter). The analyst highlighted that FET has bounced back from the lower trendline support of the falling channel.

A falling channel breakout was on the horizon, and the token looks bullish.

$FET is Bouncing back Nicely but Still Moving inside the Descending Broadening Wedge..!!

I’m Extremely Bullish on it & Expecting Breakout in the coming days, so keep an eye on it. 🧐#Crypto #FET #FETUSDT pic.twitter.com/ZY354QvfR7

— Captain Faibik 🐺 (@CryptoFaibik) August 24, 2024

A Tweet by @CaptainFaibik | Source:X

The Relative Strength Index (RSI) line showed a positive crossover and approached the overbought zone of 66. It signified immense buying pressure.

Similarly, the CMF indicator line crossed the zero line and went upward, conveying the rise in the bullish sentiment.

Futures Open Interest Showed an Uptick

Along with a significant price surge of over 22%, a massive rise in Futures Open Interest of over 24% was noted.

It signified an increase in the investors’ interest. It conveyed that new positions have entered and anticipated an upward movement in future prices.

Open Interest Data | Source: Coinglass

If the token extends the green bars vertically, the token may reach the $1.70 mark soon. A new resistance may be unlocked close to $2.00.

Conversely, suppose the token fails to ascend the gains further, it may retrace toward the 38.2% Fib retracement zone and soon retest the $1 mark.

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