FET Price Pumps 20% – What's Next for This AI Crypto?

What a day for crypto traders. For months now, there was a narrative that it's better for crypto traders if Trump wins these elections over Kamala

Cryptocurrency prices soared on Monday as Donald Trump's victory in the US presidential election sparked a buying frenzy among traders.

The world's apex cryptocurrency, Bitcoin, surged by over 6% to trade at $15,445 by 01:08 ET (05:08 GMT). Among altcoins, Chainlink soared by over 25%, while Litecoin and XRP gained 15% and 12%, respectively.

CryptoBoss, who has nearly 200k followers on X, posted a viral FET chart that is garnering substantial attention from the crypto community.

According to the chart shared by CryptoBoss, FET has been trading within a clear descending channel since mid-October. The price has oscillated between two parallel red trendlines, encountering resistance at the upper trendline and support at the lower trendline. However, today's price action showcases FET finally breaking out of this pattern with conviction.

This breakout is not simply a minor move - it is accompanied by strong momentum, pushing the price up by 19%. While the FET chart does not display any volume indicators (trading volume for FET increased by over 200% today), this decisive move above the upper trendline suggests there is significant buying pressure behind this breakout.

What's Next for FET Price?

Currently trading in the $1.37-$1.40 range, FET is at a critical juncture. The previous resistance level around $1.20, which also served as the upper boundary of the channel, could now act as support in the event of a pullback. Traders may want to keep an eye on the $1.50-$1.60 region as the next potential resistance zone.

In terms of potential price scenarios, FET could potentially consolidate around current levels to establish a new support base. If the broader crypto market maintains its bullish momentum, we may see FET testing higher levels around $1.50 to $1.60. However, as is the case with any breakout, there is also the possibility of a retest of the broken trendline near $1.20.

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