Date: Sun, Nov 24, 2024, 05:54 AM GMT
In the cryptocurrency market, major altcoins are beginning to rally as Bitcoin dominance starts to decline. BTC dominance has dropped to 59%, down from its recent peak of 60.40%.
Taking advantage of this shift, Artificial Superintelligence Alliance (FET), one of the top AI tokens, has built bullish momentum. Its price has surged over 10% in the last 24 hours, currently trading at $1.51, with a market cap of $3.67 billion.
Key Breakout Ahead
The FET price rally has brought the token to a crucial juncture. Currently trading at $1.53, FET is approaching the apex of a long-term symmetrical triangle pattern, as seen in the daily chart. This pattern typically signals a major breakout ahead, and FET seems poised for a decisive move.
If FET manages to break out from this apex, a successful move above the $1.65-$1.75 resistance zone could push the token toward its next major target at $2.68, with the potential to climb further to $3.50—representing a remarkable 130% gain from its current price. This would mark a substantial upside, in line with the growing bullish momentum across AI-focused tokens.
Relative Strength Index (RSI): The RSI currently stands at 61, suggesting bullish momentum but leaving room for further growth before reaching overbought territory.
Market Sentiment
The broader market sentiment around AI and blockchain integrations continues to attract investors, with FET benefiting from its strong fundamentals and increasing adoption in the AI space. Adding to this bullish sentiment, major AI tokens like RENDER, NEAR, and GRT have already started to rally, further signaling growing investor confidence in the sector.
If Bitcoin dominance continues to decline, altcoins like FET could gain more traction, further fueling this momentum.
As FET approaches this critical breakout zone, all eyes will be on whether the token can spark a sustained rally and establish new highs in the coming weeks.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.