Bitcoin is once again attempting to break the $96,000 level, with altcoins following its lead and showing growth.
Crypto Market Turns Green
Bitcoin resumed its attempt to break the $96,000 level after a slight dip caused by disappointing U.S. economic data. Despite dropping to $92,910, the cryptocurrency bounced back amid expectations of a Federal Reserve interest rate cut. The altcoin market has also reacted positively, with assets like Dogecoin, Solana, Avalanche, and Stellar recording gains between 3% and 5%.
FET Leads the Charge
According to CoinMarketCap, FET's price is now around $0.735, nearing the $0.8 resistance level. Over the past month, the cryptocurrency has surged by 127%, rising from a low of $0.345 on April 7. Coinglass data shows that the funding rate for FET has turned bullish after previously being in negative territory.
FET Price Outlook
The charts indicate FET is at a crucial resistance level of $0.8. The daily RSI suggests the asset may be nearing overbought territory, which could lead investors to consider taking profits. If the price breaks above $0.8, it may rally to targets of $0.981, $1.168, and $1.4. Conversely, a rejection could push FET down towards $0.45.
The cryptocurrency market is showing growth, with FET presenting short-term potential. However, investors should exercise caution ahead of possible corrections.
