Date: Sat, March 01, 2025 | 08:20 AM GMT
The cryptocurrency market has started off the new month in recovery mode after enduring a steep decline throughout February. Yesterday’s sharp sell-off saw Bitcoin (BTC) dip to a low of $78K before rebounding to $85K, marking a 8% surge in 24 hours..
Among the top performers in today’s session, two top AI Tokens- Near Protocol (NEAR) and Artificial Superintelligence Alliance (FET) are standing out with significant gains, as NEAR surges by 10% and FET climbs 6%.
Source: Coinmarketcap
Both tokens are approaching key resistance levels within their falling wedge patterns, and potential breakouts could lead to further upside movement.
Near Protocol (NEAR) Analysis
NEAR’s daily chart indicates a falling wedge pattern, which has been active since the token faced rejection from its December 6 high of $8.20. This prolonged downtrend saw NEAR dropping to a low of $2.76, where it found strong support at the lower boundary of the wedge.
Near Protocol (NEAR) Daily Chart/Coinsprobe (Source: Tradingview)
However, recent bullish sentiment has sparked a mild recovery, with NEAR currently trading around $3.10. The price is inching toward the upper trendline of the wedge, which serves as a critical resistance level.
If NEAR manages to break above this resistance and confirm the breakout with a retest, the next major target stands at $3.62. A further push could see the token testing the 50-day moving average (50MA) and the $4.82 resistance, marking a potential 57% gain from current levels.
Artificial Superintelligence Alliance (FET) Analysis
FET is displaying a nearly identical market structure to NEAR, with a falling wedge pattern following a rejection from its December 6 high of $2.21. The sell-off that followed dragged FET down to $0.59, where the token held support at the lower trendline.
FET Daily Chart/Coinsprobe (Source: Tradingview)
Currently, FET has bounced back to $0.64 and is challenging the upper wedge resistance. If FET successfully breaks out and retests this level, the next immediate resistance is at $0.85.
A strong breakout above this could push the price toward the 50MA and the $1.21 resistance, offering a potential 90% upside from its current price.
Final Thoughts
Both NEAR and FET are on the brink of potential breakouts from their falling wedge formations, hinting at a trend reversal. However, the success of these moves largely depends on the broader market conditions, particularly the performance of Ethereum (ETH) and Bitcoin dominance.
If ETH continues its recovery and BTC dominance declines, it could provide the momentum needed for altcoins to break out, increasing the likelihood of a strong rally for NEAR and FET.
Traders should closely monitor breakout confirmations and volume surges, as these could serve as strong indicators of the next major move for both tokens.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions in cryptocurrencies.
