FET eyes $1.60 after breaking 266-day downtrend – Can it happen?

• FET ended its extended downtrend, and eyed a better excessive of above $1.60.
• Liquidation clusters at $1.50-$1.60 signaled leverage-driven volatility.

Synthetic Superintelligence Alliance [FET] has lately damaged a 266-day downtrend, signaling a possible pattern reversal. The token’s value has elevated by 7.88% over the previous week, with a market cap of $3.46 billion. 

 Nevertheless, analysts cautioned that FET confronted a major resistance on the $1.60 stage.

A failure to surpass this threshold might result in a double-bottom formation, particularly if Bitcoin [BTC] experiences a correction towards $80,000. 

Decrease time-frame evaluation

After a protracted 266-day downtrend, FET has lastly damaged out, transferring above a descending pattern line resistance with important quantity, signaling sturdy purchaser curiosity.

Buying and selling at $1.42 at press time, the breakout marks a serious step ahead, however the value now faces sturdy resistance within the $1.60-$1.65 zone. 

Attaining a better excessive with an in depth above this stage is essential to substantiate a sustained uptrend and open the trail towards the $2.20-$2.50 vary over the subsequent few months.

Supply: TradingView

Nevertheless, till FET clears this resistance, there stays the potential for a Double Backside formation, which could possibly be triggered by a market pullback, probably shaking out leveraged positions.

 Failure to interrupt $1.60 could result in a pullback towards $1.20 and even $0.72, the place sturdy assist lies.

The subsequent few weeks will probably be pivotal in figuring out whether or not FET continues its bullish momentum or consolidates at decrease ranges.

Trying on the 4- hour chart, the worth is retracing to the preliminary accumulation vary close to $1.36, the place consumers beforehand amassed and pushed the worth increased.

Supply: TradingView

A retrace to this stage will provide merchants a possibility to align with sensible cash and probably trip the wave once more to the upside.

If the worth efficiently bounces from $1.36 and shifts momentum, the subsequent key stage of resistance to observe is $1.645.

Indicators just like the MACD, which reveals weakening bullish momentum with a possible bearish crossover, and the Superior Oscillator (AO), reflecting declining constructive momentum, counsel a short-term pullback. 

FET reveals sturdy community progress

There was a major improve in exercise for Fetch.ai, with every day energetic addresses (inexperienced) reaching over 2,400 throughout latest peaks, whereas new addresses (blue) climbed above 1,200, signaling rising consumer engagement.

Zero-balance addresses (orange) have additionally risen constantly, indicating an inflow of latest customers making ready to interact with the community. 

Over the previous seven days, new addresses elevated by 3.35%, and energetic addresses rose by 1.02%, additional emphasizing rising adoption.

Nevertheless, zero-balance addresses decreased by 2.25%, reflecting some accounts transitioning to energetic use.

Supply: IntoTheBlock

This exercise correlates carefully with value actions, because the latest peak of $1.70 coincided with spikes in each new and energetic addresses. 

The constant rise in energetic addresses underscores ongoing adoption, whereas the decline in zero-balance addresses suggests a shift from speculative curiosity to precise utility and transactions.

On the upside, important lengthy liquidations start to build up above $1.50, peaking close to $1.60, indicating elevated danger for over-leveraged lengthy positions in case of a retracement. 

Conversely, quick liquidations are concentrated beneath $1.40, with the depth rising as the worth strikes nearer to $1.30. 

Supply: Coinglass

Learn Synthetic Superintelligence Alliance’s [FET] Value Prediction 2024 – 2025

This means {that a} value drop beneath $1.40 might set off cascading liquidations of quick positions.

The map confirmed a excessive stage of leveraged exercise, which might result in volatility spikes as value strikes towards liquidation-heavy zones.