FET and ICP Hold Key Support Levels After Significant Correction – Is a Rebound Ahead?

Date: Sat, February 22, 2025 | 07:26 AM GMT

In the cryptocurrency market this week, major altcoins are showing signs of recovery after enduring a significant correction over the past 60 days. Among them, Artificial Superintelligence Alliance (FET) and Internet Computer (ICP) have recently tested key support levels and are now showing signs of potential reversal.

Source: Coinmarketcap

Artificial Superintelligence Alliance (FET)

The weekly FET/USD chart reveals that the price has been trading within a year-long descending triangle pattern. The recent downtrend, which started in early December after a rejection from the upper trendline at $2.22, has pushed FET into deeper correction territory.

Artificial Superintelligence Alliance (FET) Weekly Chart/Coinsprobe (Source: Tradingview)

This decline forced FET to test its critical support zone at $0.60, where it found strong buying interest. Currently, the price has bounced back and is trading around $0.79.

If bullish momentum continues, the first major resistance lies at the 25-week Simple Moving Average (SMA). A breakout above this level could confirm an upside reversal, potentially pushing the price toward the descending triangle’s upper resistance trendline near $1.50.

Internet Computer (ICP)

Similarly, the weekly ICP/USD chart displays a year-long descending triangle pattern. ICP’s price began its downtrend in early December after being rejected at the upper trendline near $15.60.

Internet Computer (ICP) Weekly Chart/Coinsprobe (Source: Tradingview)

The correction led ICP to test a key support zone at $5.66, where buyers stepped in to prevent further decline. As of now, the price has rebounded and is trading around $7.08.

If momentum shifts to the bullish side, the first significant resistance lies at the 25-week SMA. A breakout above this level could drive ICP toward the upper resistance trendline at approximately $11.00.

Final Thoughts

Both FET and ICP have successfully defended their crucial support zones, showing resilience despite the broader market downturn. While technical indicators suggest potential rebounds, confirmation will come with a breakout above their respective resistance levels. If buyers maintain control, these altcoins could see a strong recovery in the coming weeks.

However, investors should remain cautious as the market remains volatile. Monitoring key resistance levels and broader crypto trends will be essential for assessing the next move.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always conduct your own research before making any investment decisions.