Artificial Superintelligence Alliance (FET) Shows Signs of a Breakout as AI Cryptos Attract Investors

Artificial Superintelligence Alliance (FET) is showing strong signs of a breakout as the cryptocurrency market regains bullish momentum.

Artificial Superintelligence Alliance (FET) had a rough start to 2024. After hitting its all-time high in March as Bitcoin (BTC) surged to $74,000, the token began a steep descent. By August, FET had dropped to around $0.87.

This decline reflected broader market trends. As Bitcoin peaked and began to correct, many altcoins struggled to maintain their gains amid a period of uncertainty and profit-taking. Many tokens experienced significant losses.

A Turnaround For Artificial Superintelligence Alliance (FET)

Things began to turn around for FET in November. As Bitcoin finally broke through the $100,000 mark, setting a new all-time high, it also sparked a renewed interest in AI-driven tokens.

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This interest helped propel tokens like FET back into the spotlight. Since then, heightened volatility has resulted in dramatic price swings, making FET one of the most closely watched tokens in the market.

As of today, FET is trading at $1.24, showing a 1.42% gain over the last 24 hours. The token boasts a market capitalization of $3.03 billion and a 24-hour trading volume of $441.69 million, holding a 0.08% market dominance.

Artificial Superintelligence Alliance (FET) In A Bullish Pattern

Looking at the token on the daily timeframe, we can see that FET is on the verge of a major breakout. The token has been consolidating within a falling wedge pattern, which is typically considered a bullish reversal indicator.

A strong bounce from the wedge’s support zone suggests growing bullish momentum, positioning the token for an upward move. If the token manages to break out from the wedge’s resistance, we could see a rally towards the key target levels of $1.43, $1.65, $1.91, and $2.15.

Should momentum continue to build, the token could reclaim higher price levels, aiming for its previous all-time high.

AI Cryptos Attract Investors In Droves

As blockchain and artificial intelligence continue to merge, we are seeing a resurgence of AI-related cryptocurrencies. Projects like FET, AGIX, and OCEAN are seeing a surge in interest.

Both retail and institutional investors are seeking exposure to the AI sector, and these tokens provide an avenue to do so. With Bitcoin leading the way and AI tokens gaining traction, the token’s breakout could be imminent.

Whether FET can sustain its rally depends on broader market conditions, but all eyes are now on this AI-powered asset as it approaches a critical juncture.