Recover AI (FET) rode the bullish artificial intelligence (AI) narrative following Sam Altman’s ouster from OpenAI. Since then, its native token FET has seen an impressive rise, while maintaining its bullish headwinds. But even after the altcoin rose so much, crypto analysts are confident that the coin is only at its starting point and will continue to rise.
The analyst who called the initial FET rise is back
Crypto analyst Tony The Bull, founder of CoinChartist, was one of the most vocal voices in favor of buying FET when price fell to $0.09 in 2022. The coin has since risen more than 5x from that level, but even that hasn’t deterred the analyst, who believes there is more to come.
In a recent analysis, Tony presented the reasoning behind why he is still bullish on the market. FET Price. The analyst previously expected a retracement. But at the current level, the price can be expected to rise again.
The chart shows an initial bounce above the $2.5 mark before a retracement that takes it back to around $0.55. Then from there there is another upward bounce up to over $4 once again. If this goes as expected, then FET price could expect several 500%+ rebounds from here.
Updated plan pic.twitter.com/pkfhHBQxCC
– Tony “The Bull” (@tonythebullBTC) November 20, 2023
Get the AI back on the bulls radar
In the same vein as Tony The Bull, another crypto analyst has predicted that the FET price heads to other gatherings. The analyst who goes by the name TradingShot published the analysis on TradingView where he revealed his price target.
Similar to Tony’s first target, TradingShot expects a rally that takes the price above $2. The analyst identified a golden cross on the 1-day (1D) chart, noting that this is the fourth uptrend that has appeared on the chart. Long term FET channel.
According to the crypto analyst, whenever such an uptrend appeared, the price had already started to rise. But in reality, this is just the beginning, as the main rally often occurs after seeing that 1D golden cross on the price chart.
“The similarities of the 1D RSI with the bullish megaphone from November 2020 to February 2021 testify that we are on a similar trend, which then peaked just below the 1.5 Fibonacci extension. As a result, we remain long on FET, targeting 1.8000,” TradingShot said.
FET is currently in a downtrend after a tremendous advance. According to data from CoinMarketCap, the altcoin’s price is sitting at $0.5 after falling 11.62% in the last 24 hours.
FET price sitting above $0.5 | Source: FETUSDT on Tradingview.com
Featured image from DailyFX, chart from Tradingview.com