Date: Fri, Sept 20, 2024, 08:12 AM GMT
The cryptocurrency market is on the move again, as a bullish rally has kicked off following a monumental announcement by the US Federal Reserve. In a bid to boost the economy, the Fed has cut interest rates by 50 basis points, sending positive ripples through financial markets, especially crypto. Bitcoin (BTC) has climbed by 2.06% in the last 24 hours, now sitting comfortably above $63,000.
But it’s not just Bitcoin making waves. AI tokens have been particularly impressive, and Artificial Superintelligence Alliance (FET) is standing out among them. Over the past 24 hours, FET has surged by 5.85%, and over the past week, it has jumped by nearly 22%, making it one of the top gainers in the AI token category, trailing only Bittensor (TAO).
FET Breaks the $1.47 Barrier
As of now, FET is trading at $1.61, having successfully broken through the $1.47 resistance level. This breakout came after a retest, and the next key resistance level is $1.71. If FET manages to break through this level, we could see it heading toward the $2.15 mark, which would represent a 25% increase from the current price.
The token’s momentum is further supported by a Relative Strength Index (RSI) of 78.32, indicating strong buying pressure, while its RSI-based moving average (MA) sits at 68.20.
Analyst Predicts Midterm Target
Prominent crypto analyst @CryptoFaibik recently shared his thoughts on FET on the X platform (formerly Twitter), highlighting the coin’s potential. According to his analysis, FET’s breakout from a descending broadening wedge pattern has been confirmed. His midterm target for FET is an impressive $3.90, indicating a strong bullish sentiment for the token.
While the market seems optimistic, it’s always important to keep in mind that volatility can turn things around quickly.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.