FET Eyes Breakout at $0.80 After 8% Daily Surge—What’s Next?

Bitcoin is attempting to break out of the $96,000 zone once again, especially as the odds of a rate cut from the FED are starting to soar.

As a result, the altcoin market is following in Bitcoin’s footsteps and has turned green. Among some of the best-performing assets like Solana, Cardano and XRP is Artificial Superintelligence Alliance ($FET).

The altcoin has surged by over 8% in the last 24 hours, and is approaching a major resistance zone. Here’s what’s been up with the altcoin, and what investors can expect from its price action over the next few weeks.

The Crypto Market Turns Green

Bitcoin is once again making a run at the $96,000 zone, after a small dip on the back of some disappointing U.S. economic data this week.

Despite falling towards $92,910 earlier in the week, Bitcoin has rebounded amid growing belief among investors that the Federal Reserve may soon cut interest rates.

The US stock market has also shown signs of recovery, with the Dow Jones and S&P 500 both bouncing back into positive territory by the close of the New York trading session.

‘The altcoin market has also been a beneficiary of this price move, with alts like Dogecoin, Solana, Avalanche and Stellar recording price moves of between 3% – 5%.

The crypto market heatmap| Source: CoinMarketCap

Traders are now on the lookout for a break above the $9,600 zone with a string break above being the path-opener towards the much-anticipated $100,000 milestone.

However, amid this growth, FET appears to be leading the charge with a near-10% gain over the last 24 hours. This price movement has made the cryptocurrency one of the best-performing altcoins among the top 100 in the last 24 hours.

FET Leads The Charge

CoinMarketCap data shows that FET now trades at around $0.735, and is extremely close to the $0.8 resistance.

More than its immediate price performance, the cryptocurrency is trading at a 127% price increase over the last month, from a low of $0.345 on 7 April. Coinglass data shows that the funding rates on FET have flipped bullish, after spending the range between 18 and 22 April in negative territory.

Rising open interest on FET| Source: Coinglass

The cryptocurrency’s open interest has also been on a steady increase over the last two weeks, rising from a low of $62 million on 18 April to a current figure of $118 million, which is nearly double the initial amount.

This trend shows a great deal of interest from investors in this cryptocurrency, and explains its rise as of late.

Price Performance Of FET

The charts show the price performance of FET even more clearly, as shown by the steady uptrend between 8 April until date.

Steady uptrend on FET| Source: TradingView

The cryptocurrency’s RSI on the daily chart shows that the cryptocurrency is now extremely near being overbought. While this indicates that the bulls are much stronger than the bears, it also indicates that investors might be more inclined towards profit-taking with their investments.

This is exactly what makes the $0.8 price level an important one. So far, traders appear to be showing a reluctance to buy into the cryptocurrency, considering its overbought conditions, and the likelihood of a rejection from this zone.

Possible rejection from $0.8| Source: TradingView

FET already formed an engulfing candlestick pattern on 27 April around this price level, indicating that the bears are indeed standing guard around the $0.8 price level. As such, investors are advised to approach the cryptocurrency with caution, as a rejection could lead FET down towards $0.45.

On the flipside, if a break and close does occur above this price level with a daily candlestick, FET could be in for a massive rally towards new highs.

According to the Fibonacci retracement tool, targets for this price rally sit at $0.981, $1.168 and $1.4. Overall, these price levels are important to watch out for, as FET will likely come in contact with either of, over the next few weeks.

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