FET gained 25% past week, bullish indicators suggest potential higher price by year’s end.
- Fetch.AI forms head and shoulders pattern, signal for reversal. FET on-chain activity and social dominance increase.
Artificial Superintelligence Alliance [FET] has seen impressive growth, gaining over 25% in the past seven days as per CoinMarketCap.
AI-related coins are gaining momentum, especially after Nvidia’s (NVDA) earnings report, which exceeded expectations.
Nvidia plays a significant role in influencing AI coins like Fetch.AI, and the current price action suggests that ASI is ready to move higher as crypto markets are expected to recover in the last quarter of the year.
Analysts predict that FET’s recent performance could be a signal of further gains, especially with the formation of an inverse head-and-shoulders pattern, which typically indicates a market reversal.
FET has been in a downtrend since April, but the current pattern suggests that the token may have found a strong support level.
Source: TradingView
If FET successfully breaks the neckline of this pattern and retests the breakout level, it could target gains of over 104% by the end of the year or early next year.
Additionally, the relative strength index (RSI) was above the neutral zone, suggesting market sentiment is turning optimistic.
When combined with the bullish pattern, these factors indicate that FET’s price could move significantly higher in the coming months.
Liquidations, funding rates and volume
On-chain data provides more insights into FET’s price movements. Liquidations, funding rates, and trading volume all show positive trends for FET, particularly in September.
While these metrics are currently undergoing a correction, they have been on an upward trend since early September, adding further support for higher FET prices.
Liquidations are at 63%, global average funding rates sit at 50%, and volume has dipped slightly to 39%.
A three-month lookback period shows that these metrics provide strong support for the bullish outlook. This consistent performance suggests that ASI is primed for a continued uptrend.
Source: Hyblock Capital
FET active addresses
Looking at on-chain activity, the number of new addresses holding the token has steadily increased since late August, while addresses with zero balance have decreased, indicating that more traders are accumulating.
Additionally, the number of active addresses is approaching a new all-time high, a bullish sign that signals increased interest in the token.
Source: IntoTheBlock
FET leads by social dominance
Social media activity has also been favorable for FET, further boosting its outlook. FET leads the AI ecosystem coins in terms of social dominance, holding a 1.65% lead over its competitor, TAO.
The number of mentions on platforms like Twitter highlights growing interest in FET, with over 1.5 million interactions and more than 14,000 posts discussing the token.
This increase in social engagement supports the growing adoption of FET, adding yet another layer of optimism for this AI-powered crypto.
Source: LunarCrush
With strong technical patterns, favorable on-chain data, and growing social interest, FET is positioned to see higher price movements, especially as market conditions improve in the final quarter of the year.
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