The cryptocurrency market is rapidly recovering after a sharp sell-off that impacted major cryptocurrencies over the weekend.
Overall Market Recovery
After a sharp drop on Thursday, when Bitcoin (BTC) hit $100,430 and Ethereum (ETH) $2,387, the market is starting to recover positively. Currently, BTC has risen above $105,000 again, while ETH has come back to the level of around $2,487, which has contributed to improving sentiment among altcoins, including Artificial Superintelligence Alliance (FET).
Double Bottom Pattern Forming for FET
The 4-hour chart is showing a classic Double Bottom pattern forming – one of the most reliable reversal signals in technical analysis. The first bottom was formed on May 31, when the FET price dipped to $0.71. It then bounced towards the $0.8460 level, where it faced rejection on June 3. On June 6, FET retraced to $0.71 again, completing the second bottom that indicates strong buying interest at that level.
FET Predictions
If FET successfully breaks above the $0.77 resistance and then the $0.8460 neckline, it would confirm the double bottom pattern. A clean breakout, especially one supported by volume, can set the stage for a rally towards the technical target of around $0.98, indicating a potential upside of nearly 30% from current levels.
Traders will be closely watching: Will FET flip the resistance into support and launch higher?
