FET Surges 10% Weekly as Harmonic Pattern Fuels Bullish Momentum

FET, the native token of the Artificial Superintelligence Alliance, has been gaining traction in the cryptocurrency market, with a 4% increase today and a 10% weekly gain. This upward momentum is part of a broader bullish trend in the market, with Bitcoin reaching a new all-time high of $122,000 and Ethereum posting an 18% weekly gain.

A key factor driving interest in FET is the formation of a harmonic pattern on its daily chart. Technical traders are closely watching a Bearish Bat harmonic pattern, which is a well-respected setup in technical analysis. This pattern typically predicts strong price action during its final stages, with the CD leg of the pattern historically associated with bullish momentum as the price climbs toward the “D” completion point.

The pattern begins at point X near $1.65, then declines to point A, rallies to B, and drops again to point C around the $0.55 region. From this recent low, FET has been steadily recovering and is now approaching the 200-day moving average, currently sitting at $0.7818. This level often serves as a key resistance and breakout trigger.

If the CD leg plays out in full, the price could rally into the Potential Reversal Zone (PRZ), which spans from $1.50 to $1.65. These levels are aligned with the 0.886 and 1.0 Fibonacci extensions, typical targets for the final leg of harmonic structures. If FET decisively breaks and holds above the 200-day moving average with increasing volume, it could confirm the ongoing bullish leg and pave the way for a potential 120% rally toward the $1.65 resistance zone. This would complete the Bat pattern and possibly prompt a round of profit-taking or a reversal, as is often seen at the PRZ.

However, traders should remain cautious. A drop back below the key support level of $0.64 could invalidate the harmonic pattern and postpone any immediate continuation of the uptrend. Nonetheless, the chart is showing a textbook setup, and with the broader market backing bullish sentiment, FET could be one to watch closely in the coming days.

While the formation of harmonic patterns on the charts of HBAR and SOL suggests a potential upside move for these cryptocurrencies, the exact magnitude of these moves remains uncertain. The patterns provide a bullish outlook that aligns with the broader market sentiment. Investors should use these patterns as one of many tools in their analysis and remain vigilant for any changes in market conditions.