FET Marks A 36% Weekly Price Increase, Will The Altcoin Reach $1?

Emerging from a descending triangle and moving into an ascending channel, FET has increased by 35% on a weekly basis.

About a week ago, analysts predicted that FET, the Artificial Superintelligence Alliance project's native asset, would continue to rise toward $1. The price has increased by an additional 10% on the last day, bringing its seven-day gains to 35%.

FET seems to be withstanding the tests of the market, whereas other altcoins have experienced similar upwards trajectories only to lose a significant portion of their gains. Current indicators, however, suggest that there may still be room for FET’s rally to continue.

On April 11, FET broke out of a descending triangle pattern, indicating a distinct change in momentum. Since then, the price has risen sharply, creating an ascending channel from $0.44 to $0.71.

Source: Coinmarketcap

This pattern indicates that the rally may still have legs because it is marked by higher highs and higher lows. If the structure holds, FET may be attempting to attack an important resistance levels in the near future.

The movement is supported by momentum indicators on the daily chart. The Awesome Oscillator (AO) has flipped into positive territory, rising to 0.14. Momentum is bearish when the rating is negative. However, the AO's positive reading in this case suggests that there is bullish momentum surrounding FET.

The Moving Average Convergence Divergence (MACD), like the AO, has moved into the positive zone. With the 12 EMA (blue) also crossing above the 26 EMA (orange), this crossover is consistent with the bullish momentum displayed above. FET may continue to rise higher than it has in the past week if this trend holds.

According to IntoTheBlock, $0.65 is the main support level for FET. At this point, 1,550 addresses have  more than 177 million coins in profit. In unrealized losses, this volume exceeds the quantity of FETs bought between $0.70 and $0.80.

Source: IntoTheBlock

Because the supply wall may not be sufficient to push back the support, the price of FET cryptocurrency is likely to break through these levels.

Returning to the technical outlook, the daily indicates that the price of FET has dropped below the green line of the Supertrend. This implies that the market value may continue to increase and is a buy signal.

Furthermore, there is strong buying pressure surrounding the Money Flow Index (MFI), as evidenced by the reading rising to 85.04. The FET price may shoot through the resistance at $0.75 if this trend continues.

After confirmation, the price might rise to $1.07, the golden ratio of 0.618. The value may rise above $1.50 if there is still buying pressure.

On the other hand, FET might lose $0.65 in support if the selling pressure starts. The altcoin is poised to the risk of a significant correction to $0.35 in such a scenario.