Date: Fri, February 14, 2025 | 03:58 AM GMT
The cryptocurrency market has been in a correction phase following the November rally, but signs of an altcoin recovery are emerging. Bitcoin dominance has dropped by 1.75% over the past 7 days, now sitting at 60.80%, suggesting that altcoins might be gearing up for a rebound.
Following this top AI tokens, Near Protocol (NEAR) and Artificial Superintelligence Alliance (FET) are turning green in weekly performance after experiencing deep corrections of 49% and 54% in the past two months.
Both tokens are now testing key resistance levels within their falling wedge patterns, signaling the possibility of a trend reversal if bullish momentum continues.
Near Protocol (NEAR)
NEAR has been trading within a falling wedge pattern since its rejection from the December 6 high of $8.24. The prolonged correction pushed the token down to $2.68, where it tested the lower trendline of the wedge.
Currently, NEAR is rebounding to $3.44, indicating renewed buying pressure. The MACD indicator is shifting toward a bullish crossover, hinting at a potential momentum shift.
If NEAR breaks out of the wedge and surpasses the 25-day Simple Moving Average (SMA), the next key resistance lies at $4.84, representing a 41% potential gain from its current price. On the downside, the $2.68 mark remains a crucial support zone. A failure to hold this level could lead to further downside.
Artificial Superintelligence Alliance (FET)
Similar to NEAR, FET has been forming a falling wedge after facing strong rejection from its December 6 high of $2.19. The correction drove FET down to $0.60, where it found support at the lower trendline of the wedge.
Now, FET is recovering to $0.79, with its MACD indicator also beginning to turn bullish.
If FET breaks out of the wedge and crosses the 50-day SMA, it could rally toward $1.04, offering a 32% upside from its current price. However, the $0.60 level remains the key support to watch. A breakdown below this could invalidate the recovery.
Is a Trend Reversal on the Horizon?
Both NEAR and FET are showing early signs of a bullish reversal, but their breakout depends on broader market conditions. If Ethereum (ETH) continues its recovery and Bitcoin dominance declines further, it could provide more momentum for altcoins, allowing NEAR and FET to confirm their trend reversals.
For now, traders should monitor key resistance levels and volume confirmations before expecting a full-fledged recovery. A successful breakout from their wedge patterns could set the stage for strong gains in the coming weeks.
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