Is FET Sailing On A Rally to $3? The Recovery Signs on Chart
FET
Artificial Superintelligence Alliance (FET) has shown signs of recovery after a week of losses. The token recorded a 2.07% gain in the past 24 hours, sparking speculation of a potential rebound. Analysts have pointed to historical patterns and technical indicators as possible signals for a more significant price movement in the near term.
Broadening Wedges Signal Potential Upside
On the FET/USDT weekly chart, Clifton Fx identified two descending broadening wedges. These patterns, which display lower highs and lower lows with increasing price ranges, often precede bullish reversals. In FET’s case, a previous wedge breakout led to a remarkable price surge 15 weeks after the breakout. During that rally, FET added $2.9 to its value, marking a 1,353% increase.
If history repeats, a breakout above the current resistance trendline could spark a strong upward move. The analyst identified a potential target of $3.00. This aligns with a key resistance level seen earlier this year. Recent consolidation within the wedge also points to an accumulation phase. Such phases often occur before high-momentum breakouts.
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