The cryptocurrency market is showing signs of recovery as tensions between Israel and Iran ease. Notably, Ethereum and various altcoins, including Artificial Superintelligence Alliance (FET), are experiencing upward momentum.
Comparison of FET and SEI
Charts of SEI and FET reveal similar patterns. SEI was trading in a descending channel, and upon reaching its 100-day moving average and testing the channel's upper boundary, it ignited a sharp 68% rally. Similarly, FET is displaying the same structure, currently testing the upper boundary of its channel.
Growth Prospects for FET
If the SEI fractal continues to unfold, FET could be on the verge of a significant breakout. A strong daily close above both the descending channel's resistance and the 100-day moving average would confirm a potential upward move towards $1.10.
Requirements for Breakout
Trading volume is crucial; a breakout supported by strong buying momentum could trigger further interest among traders. However, until the breakout is confirmed, FET remains within the descending channel, and any rejection from the 100-day moving average could send it back to lower support zones.
The cryptocurrency market is showcasing rare signs of recovery, but caution remains vital. FET may be on the brink of significant changes, yet monitoring trading dynamics and other conditions for confirming a breakout is essential.
