FET Shows Signs of Uptrend After Surpassing $0.566
For the past few days, FET has regained a bullish market structure. However, it has been engaged in a long-term bearish trend, so investors may want to wait a bit before buying.
Traders may consider long positions as the price is above the $0.566 level, which marked the most recent high. Indeed, FET broke its downtrend line and bounced back after a retest on April 18.
To the upside, the next significant high was at $0.75, making it the next price target. Above that, there were several key horizontal resistance levels at $0.83 and $1.10.
Highlighted in red, the $1.10 and $1.25 levels were particularly important in 2024.
A Bullish Trend Seems to be Emerging
The DMI indicator showed that the bearish trend has been replaced by a bullish trend. The ADX (yellow) and +DI (green) were both above 20, indicating a strong bullish trend in progress.
The CMF was at +0.04. A move beyond +0.05 would signal significant capital inflows and increased buying pressure. Additionally, this CMF is at weekly lows. The last time it was at these levels was in August last year, before its 220% rebound.
The MACD was about to make a bullish signal line crossover, which would be another sign of buyer dominance. Overall, it appears likely that the Artificial Superintelligence Alliance token will continue to rise.
In conclusion, despite a recent bearish phase, technical indicators suggest that FET has a good chance to continue its upward momentum. The balance between long and short positions also indicates that the market is ready for a bullish trend.
If buyers could maintain the pressure, FET could reach its target of $0.75 in the coming weeks. For those looking to take advantage of this new momentum, here is a practical guide to buying FET on Weex:
- Create a Weex Account
Visit the official Weex website and sign up with your email or phone number. - Verify Your Identity (KYC)
Complete the KYC verification by submitting an identity document. This quick step is necessary to unlock all trading features. - Deposit Funds
In the “Deposit” section, fund your wallet with crypto (USDT, BTC, etc.) or through fiat (credit card, bank transfer, Alipay, depending on availability). - Access the Market
Go to “Trading Spot,” type “FET” in the search bar, and select the FET/USDT pair to open the exchange interface. - Make the Purchase
Choose a market order for an instant purchase or a limit order to set a specific price. Enter the desired quantity of FET and confirm.
