Artificial Superintelligence Alliance [FET] Might Be Gearing Up for a Massive Rally

After breaking out of a bull pattern, Artificial Superintelligence Alliance [FET] has once again dropped on the charts over the past week.

Artificial Superintelligence Alliance (FET) has experienced a downturn on the price charts during the past week. This decline comes after the token managed a breakout from a bull pattern on the charts.

However, investors shouldn’t be alarmed by this development, as FET may be preparing for a massive rally, according to a recent analysis.

FET is preparing for a move

World Of Charts, a well-known crypto analyst, recently took to X (formerly Twitter) to highlight a breakout on FET’s charts.

To be precise, FET has been seen moving within a widening wedge pattern on the charts since March. And, the token managed to register a breakout in late September, following which it did manage to register some gains. However, the token soon turned bearish once again as its price dropped over the last 7 days.

Even so, investors shouldn’t be worried. Especially since FET may be testing the upper support of the widening wedge pattern.

World Of Charts’ tweet mentioned that in the case of a successful test, investors might soon see FET rally by more than 100%. In fact, some would argue that the altcoin’s bull run has already begun too.

Consider this – According to CoinMarketCap, FET’s price hiked by over 7% in the last 24 hours. At press time, the token was trading at $1.46.

Is a 100% rally possible?

AMBCrypto then checked FET’s on-chain metrics to better understand if expecting a 100% rally is logical.

As per our analysis of Santiment’s data, after a sharp spike, the token’s weighted sentiment declined. A drop in this metric alludes to a hike in bearish sentiment around the token.

Moreover, its supply on exchanges also rose, meaning that investors have been selling. Whenever selling pressure rises, it increases the chances of a price correction.

Despite this, there is still hope. For example – The token’s MVRV ratio increased, which can be considered a bullish signal.

Finally, AMBCrypto took a look at the token’s daily chart to find out what market indicators suggested regarding a 100% bull rally in the near term.

Thankfully, most of the market indicators looked pretty bullish for the token. For instance, as per the Bollinger Bands, the token was testing its resistance near its 20-day Simple Moving Average (SMA).

The rest of the indicators hinted at a successful breakout too. For instance, the MACD flashed the possibility of a bullish crossover. The Relative Strength Index (RSI) gained some upside momentum too.

If these are to be believed, then FET might initiate a massive rally. Such a rally will allow investors to earn profits in the coming days or weeks.