Artificial Superintelligence Alliance (FET) Price Prediction 2023-2025

Artificial Superintelligence Alliance (FET) was one of the best-performing altcoins and AI tokens this week. The token ranked second on weekly gainers

Artificial Superintelligence Alliance (FET) price action showed a strong recovery from the August lows. The token was among the top weekly gainers, driven by a +60% rally. This price analysis aims to assess the potential for further gains and identify key technical levels to watch.

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FET token price witnessed a significant rally over the past week, emerging as one of the best performers among altcoins and AI tokens. According to CoinMarketCap, FET ranked second among the weekly gainers, showcasing a remarkable surge of nearly 60% over the seven trading days.

The token’s impressive ascent follows a period of decline during the early August dump, which saw FET’s price drop below crucial yearly support at $1. However, the token’s resilience led to a recovery, evident in its seven-day rally.

Is FET set for further gains after reclaiming yearly support?

FET price recovered strongly from the August lows. Will speculators net further gains?

FET price daily chart – 30 August, 2023

On the daily chart, the yearly support at $1.1, marked by cyan, was convincingly breached and flipped to resistance. This support had earlier cushioned the June and July dumps.

The pivot above the previous support marked a bullish development, suggesting that the rally could extend.

However, key technical indicators were approaching overbought zones, suggesting that the scope for extra gains could be limited for the bulls.

notably, the RSI (Relative Strength Index) was seen inches away from the overbought zone at the time of writing.

Additionally, the Stochastic RSI had hit overbought territory, further suggesting that a cool-off could be on the cards.

Nevertheless, a strong move above $1.3 could see the rally extend toward the next target of $1.59 or even $2.0. A cool-off to the yearly support could still offer re-entry points for late bulls.

65% of users in profit

According to data from IntoTheBlock (ITB), FET's +80% recovery rally flipped 60% of addresses into profit. But an increase in users with unrealized profit could also tip them to take small profits and trigger a coo off to the FET rally.

Moreover, bets on the derivatives market also called for caution. According to Coinglass data, FET speculators were almost split on the next direction for the altcoin, having placed nearly equal short and long bets.

The neutral sentiment in the futures market suggested that FET could either cool off or continue its rally.

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