FET Price Prediction: Is a Big Rally Imminent in September?FET Price Prediction: Is a Big Rally Imminent in September?
Artificial Superintelligence Alliance eyes a potential breakout above the psychological $1.5 level.
The ratio of daily on-chain transaction volume in profit to loss was 2.96 indicating more transaction in profit.
FET crypto could be back on track in September after the analysts evaluated a possible trend shift towards the positive territory. The bulls have initiated a recovery that could trigger a breakout thus shifting Artificial Superintelligence Alliance in buyer's zone.
Amid the bearish market sentiments, FET price appears poised for a massive upside rally due to forming its bullish price action pattern backed by some recent developments in the on-chain metrics.
Let's delve deeper and try to analyze whether FET could be a better asset to invest in September for massive gains.
FET Weighted Sentiment Curve Heads Towards A Positive Territory
Moreover, the recent FET price development may be correlated by a parallel development in the weighted sentiment metrics which is an important on-chain metrics. As per the data obtained by an on-chain analytics website app.santiment.net, the weighted sentiment curve has improved from the bearish territory towards the zero line.
The positive sentiment curve has improved in the recent sessions due to which the weighted sentiment curve has surged to zero line. However, the weighted sentiment curve was still maintained below the zero line suggesting a bearish dominance.
The weighted sentiment curve reflects the overall biasness of the traders and investors whether it is bullish or bearish at the moment.
Moreover, the daily ratio of transaction volume in profit to loss shows that more transactions have been profitable than those resulting in loss over the last 30 days. At the time of writing, it was at 1.3, suggesting that for every FET transaction that ended up in loss, 1.3 transactions were in profit.
Furthermore, the transaction volume has surged by 62.85% to $154.06 Million indicating a heightened demand. With a live market capitalization of $2.8 Billion, Artificial superintelligence Alliance ranks 27th in the cryptoverse.
FET Price Analysis: Is FET Ready For A Bullish Reversal?
The daily chart highlights the formation of a declining parallel channel pattern with FET price currently hovering near the higher boundary. The recent attempts by the bulls has turned the short term trend outlook bullish.
As of now, FET price was hovering in a critical zone from where the bulls and bears have equal opportunities to take lead. The bull domination may be validated if the price surpasses the psychological $1.5 level.
On the contrary, if the price looms below the $1 psychological support, bears may regain control. At the time of writing, FET was hovering close to $1.19 indicating an impressive gain of 8.36% intraday.
Moreover, while applying the Fibonacci retracement tool from the recent swing high at $1.55 to $0.70 which is the recent swing low. FET has surpassed the o.5 level i.e. golden zone of Fibonacci, indicating a possible trend shift on the bullish side.
On the higher side, a breakout of $1.5 would mark the end of a correction phase and both the long term as well as short term trend outlook may shift to the positive side.
The short term traders and investors need to keep a closer outlook while the price is maintained between these two levels $1.5 and $1.
