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FET Retesting Key Breakout – Is a Bounce Back On Horizon?
By: coinsprobe|2025/05/16 02:45:04
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Date: Thu, May 15, 2025 | 06:12 PM GMTThe cryptocurrency market has shown strong upside strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 59% over the past month and is now trading near the $2,550 mark — its highest level in months. This resurgence is also lifting sentiment across major altcoins, including Artificial Superintelligence Alliance (FET).The AI token is currently showing monthly gains of over 73%, but with today’s drop, a key breakout is being retested — suggesting that another bounce back might be on the horizon.Source: CoinmarketcapRetesting the Cup and Handle BreakoutOn the daily chart, FET has formed a textbook Cup and Handle pattern — a classic bullish setup that typically signals a strong trend reversal.After rounding out a solid base and forming the “cup,” FET pulled back slightly to form the “handle,” dipping to a low of $0.63. It found strong support near the 100-day moving average and then surged above the neckline resistance at $0.81, confirming a breakout.FET Daily Chart/Coinsprobe (Source: Tradingview)This move took FET to a local high of $0.915, but the rally lost steam, triggering a 13% pullback right back into the breakout zone between $0.74 and $0.81 — which is now being retested as a new support.What’s Next for FET?This current retest zone is a crucial make-or-break moment. If bulls defend this level and volume increases, FET could resume its upward momentum. A successful hold above $0.80 would validate the breakout and potentially trigger the next leg up.Based on the height of the cup and handle formation, the technical target sits around $1.27 — representing a 58% upside from current levels.However, this bullish scenario may heavily rely on the broader market — especially if Ethereum continues its climb and pulls the rest of the altcoin market along with it.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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