Fetch.ai (FET) Price Skyrockets 30% as AI-Focused Cryptocurrency Breaks Long-Term Resistance

Fetch.ai's FET token has experienced a notable price surge, climbing approximately 30% over the past three days.

Fetch.ai's FET token has surged nearly 30% over the past three days, catching the attention of crypto analysts and investors.

The artificial intelligence-focused cryptocurrency rose from $1.05 on Sept. 8 to a high of $1.3 on Sept. 10, breaking through a significant long-term trendline resistance. The token is now testing a crucial level as it attempts to continue its recent rally.

After rallying 66% since Cryptorphic's last analysis, Fetch.ai (FET) is now testing a pivotal resistance at $1.35. Will the token continue surging or face a short-term cooldown?

After rallying 66% since his last analysis, crypto analyst Cryptorphic highlighted the next crucial resistance for FET at $1.35. He noted that a breakout from this level could propel the token to the $3-$4 range in the near term.

"If we get a daily close above $1.35, it will open up a lot of potential for FET. I'm looking at the $3-$4 range in the coming weeks, and if we continue, we could see $10-$12 in the longer term," Cryptorphic stated.

Another analyst, Nebraskangooner, has identified a large inverse head-and-soulders pattern on FET's price chart, which is usually interpreted as a bullish technical formation.

"The本線chart for FET is showing a massive inverse head-and-shoulders pattern. This formation is usually bullish, indicating a possible trend reversal and further potential for FET."

Investors who bought FET in the past 3-6 months are still sitting on unrealized losses of 72%-79%, showing that the token could still be undervalued at current levels, leaving potential for further growth, according to Santiment's data.

However, derivative markets are showing an increase in bearish sentiment, with 52% of positions shorting FET, suggesting that many speculators expect a cooldown after the recent rally.

The surge in FET's price is largely driven by large transactions, with the token seeing a total volume of $56.14 million on Sept. 10, coinciding with an 11% price increase. This suggests that whale activity has played a significant role in the recent uptrend.

FET's price has continued to surge, reaching $1.41 as of Sept. 12, showing a 8.21% increase in the past 24 hours. The token's market capitalization is now at $3.544 billion, maintaining its position as a major player in the crypto-AI segment.

While the long-term outlook for FET remains positive, investors should be prepared for potential short-term volatility, with a retest of the recently broken trendline resistance or a pullback to the support zone of $1.05 – $1.12 possible before any further upward move.

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