FET, the native token of the Artificial Superintelligence Alliance, breaks a crucial resistance level, signaling a potential bullish wave.

This price surge comes amidst a broader crypto market rally, with Bitcoin surpassing $94,000 and major stock indices like the S&P 500 climbing 2.5%.

The native token of the Artificial Superintelligence Alliance, FET, broke a crucial resistance level, suggesting a potential bullish wave could be in the making. This price surge comes amid a broader crypto market rally, with Bitcoin price exceeding $94,000 and major stock indices, like the S&P 500, climbing 2.5%.

The broader crypto market rally, coupled with positive financial market sentiment, is creating a favorable environment for FET. The token’s 5.59% 24-hour gain reflects growing trader engagement. Moreover, over the last week, the token is up by 34%, showcasing strong bullish price performance.

FET Breaks Out Of Bullish Falling Wedge

According to a recent analysis by World Of Charts, FET is already running in significant profit and is now eyeing a target of $1.20 in the coming weeks. The analyst shared a detailed technical analysis of FET on X, highlighting a breakout from a falling wedge pattern.

This chart pattern, characterized by converging trend lines, declining volume, and a breakout above the upper trend line, is a well-known bullish signal in technical analysis. The falling wedge typically indicates that a downtrend is losing momentum, with buyers stepping in to reverse the trend.

For FET, the breakout occurred around the $0.50 resistance level, a key psychological and technical barrier. This move confirms the bullish reversal and aligns with historical patterns where falling wedges often precede significant upward price movements. The chart shared by World Of Charts shows the token’s price action within the wedge, followed by a strong breakout, reinforcing the token’s upward trajectory.

However, the recent escalation of the US-China trade war, including a ban on Nvidia chip exports, could impact AI-related tokens like FET due to supply chain disruptions. Monitoring these geopolitical developments will be crucial for the token’s long-term trajectory.