The post FET breaks key resistance: Can it cross $3 by year-end? appeared on BitcoinEthereumNews.com.

FET holders bagged profits as the token’s bullish patterns drove momentum. Reduced selling pressure and rising Open Interest signaled the potential for further gains. Artificial Superintelligence Alliance [FET]  has made impressive strides in this altcoin bullish period, with 82% of holder addresses in profit at the current price.  The altcoin has benefited from positive market conditions and strong technical setups, reflecting a surge in investor confidence. Source: IntoTheBlock These gains are supported by a significant reduction in selling pressure, evidenced by the low net deposits on exchanges compared to the 7-day average. Fewer deposits on exchanges suggest that many holders prefer to keep their positions, providing a strong base for further price appreciation. The decreased selling activity has allowed FET to maintain its upward trajectory. Source: CryptoQuant FET’s Open Interest surges Further boosting optimism around FET is the sharp surge in Open Interest. The metric has hit the highest levels since late March, a period when the token reached an all-time high. That indicates growing participation from traders and is often a signal of bullish sentiment in the market. With the selling pressure now shrinking and interest in the crypto swelling, FET may be building up for its potential price breakout. Source: Coinglass Breaking key resistance at $1.85 FET’s technical performance has been impressive. The Ethereum-based token recently broke out of a bullish pennant pattern, moving past the critical resistance level of $1.85. Such breakouts often signal the beginning of a significant rally. The next major resistance is at $3.45, and many analysts are speculating whether FET could cross the $3 mark before the end of the year. Source: TradingView Read Artificial Superintelligence Alliance [FET] Price Prediction 2024-25 The alignment of strong on-chain metrics and bullish technical patterns positions FET as a standout altcoin. The aforementioned reduced selling pressure, heightened…

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Filed under: News - @ December 7, 2024 3:11 am