FET Price Surges 32%: Falling Wedge Breakout Signals $0.50 Target

The Artificial Superintelligence Alliance (FET) remains on a strong, positive price trajectory, posting a sharp surge in recent sessions. Over the past 24 hours, FET has climbed nearly 16.76%. Momentum also looks impressive over the week, with the token recording a solid 32.23% gain over the last seven days.

At the time of writing, FET trades around $0.2887. Its 24-hour trading volume stands at $189.78 million, reflecting an 89.52% increase over the past 24 hours. The market capitalization has also increased, rising by around 16.76% during the same period, indicating strong market participation.

Source: CoinMarketCap

Also Read: FET Price Alert: Explosive Breakout Could Push Crypto to $0.60!

Falling Wedge Breakout Changes Market Structure

The Artificial Superintelligence Alliance (FET) had been in a prolonged downturn for a couple of months, characterized by decreasing highs and strong selling pressure. Analysis of the daily chart reveals the price consolidating within a falling wedge, in which the decreasing resistance line pushed prices downward, and the area of demand at $0.20-$0.22 consistently supported the price.

A clean breakout above the trend line indicates a positive change in the market structure. Currently, the price is trading around $0.26, which indicates acceptance of prices above the resistance level. The breakout renders the bearish configuration ineffective and indicates enhanced market momentum. Buyers are dominating the market, and the breakout in the wedge pattern indicates that the market has ended the consolidation stage and has entered the expansion phase.

Source: @GlobeOfcrypto1

Based on the measured move from the falling wedge, the resistance levels on the upside are clearly recognized. The first level of resistance is approximately at the $0.30 mark, followed by a significant level of resistance at the $0.42 to $0.45 mark. If further accelerated movement is observed, the level of resistance at the $0.50 mark is likely to be achieved.

Artificial Superintelligence Alliance and Its Broader Vision

Artificial Superintelligence Alliance (ASI) is a collaboration that aims to accelerate the development of a decentralized AI. ASI aims to develop AI that is transparent and scalable. ASI seeks to make AI development independent of a central AI authority.

The alliance promotes responsible use of AI and public innovation. It promotes seamless interoperability of AI networks, data markets, and autonomous agents. Through shared governance, the Artificial Superintelligence Alliance strives to be one of the key leaders in building the future of a decentralized, community-controlled artificial intelligence.

Also Read: FET Rally Ahead? Expert Reveals $0.46 Profit Targets