Artificial Superintelligence Alliance (FET) has seen remarkable performance over the past two weeks. Amidst recent market shocks, the AI ​​crypto token has seen a significant rally, rising over 60% a week ago. The token has seen a 4% price escalate over the past 24 hours, retesting a key resistance level that could propel the price close to its all-time high (ATH).

FET records 30% month-on-month growth

FET has shown impressive price action in August despite market pullbacks, posting a 30% gain in the last 30 days. The ASI alliance token has seen a 49% gain in the last two weeks and has regained its pre-Black Monday levels during this period.

Additionally, a week ago saw a massive escalate in trading volume, price, and whale activity as the FET chain’s development drove a bullish momentum of over 60%. This factor propelled the cryptocurrency’s price to a high of $1.46 on Tuesday, a level not seen since mid-July.

However, market unrest stalled FET’s rally, with the price falling to a two-week low of $1.06. Over the weekend, the token retested the $1.20 resistance level, failing to break it but holding above the $1.10 price range.

This performance was highlighted by several market observers who noted that the token successfully held above the $1.17 support level. This level was retested and held since tardy February when the token pushed the price to its March ATH of $3.45, but was lost as July closed.

Analysts suggest key levels to watch out for

Some market observers have noticed that FET recently broke out of key horizontal levels. The token was in a multi-month falling wedge pattern and multiple contact points were recorded within the upper and lower trend lines.

According to Crypto Yapper, some key horizontal levels have come into play over the past month. The token bounced off the “huge” $0.8 support area a few weeks ago. This level was deemed an “interesting accumulation zone” by the analyst.

Since then, FET has seen a significant jump, breaking out of a falling wedge pattern. After breaking out, it attempted to turn the next horizontal resistance level into a support zone.

According to the analyst, if the $1.17 level holds, the cryptocurrency could move towards the next major resistance in the $1.7 area. “Then we could continue the bullish uptrend and eventually the top side of the formation would align with the breakout target which would be around $3.4,” he explained further.

On the other hand, other analysts warn that the token remains in a bearish market structure. According to Altcoin Sherpa, FET is trying to form a higher low, which will need to be followed by a higher high to continue the uptrend.

According to Sherpa, if the token reaches this target, it will “bottom out in the short term.” He further pegged the $1.5 price zone as a “super key level” for further bullish price action.

FET has been trading in a price range of $1.1-$1.21 over the past 24 hours, holding above a key support level throughout Monday morning. At the time of writing, the token is trading at $1.2, up 4% on the day.

Featured image from Unsplash.com, chart from TradingView.com