Popular market analyst, commonly known as AMCrypto in the X platform, today predicted a massive break to the uptrend for Fluid (FLUID). As per his technical analysis, the Fluid cryptocurrency has formed a cup and handle pattern, which could catapult it rising to higher price targets above $9.
Fluid cup and handle formation
According to data reported by AMCrypto today, FLUID seems to have formed a cup and handle pattern on the weekly chart timeframe. Typically, this pattern signals a bullish continuation leading to a significant market rally. If the asset could manage to follow this pattern fully, its price is primed to jump to further heights.
According to the analyst, the setup of this pattern could push Fluid’s price to heights above $9. A massive rally could start at this price mark and culminate in new peaks. However, it is doubtful whether the asset’s price could revisit its AHT of $24.40 reached three years ago, on June 16, 2021.
FLUID price updates
Fluid has been drawing attention with its persistent, strong market performance. The asset’s price has been up 47.5% over the last 30 days. It has also been up 181.4% over the past year.
While the token’s price is currently standing at $7.21, technical indicators point out that the asset is set to experience a potential further upward momentum. With its recent price movement, FLUID is once again positioning itself for a possible breakout. Now, the asset is under the spotlight to climb to the crucial $7.63 resistance mark to see if it can continue its uptrend.
FLUID currently formed a bullish engulfing candle on the daily chart, signaling that it could be on the verge of experiencing a greater upward movement. The $7.63 mark is considered as a significant resistance. If FLUID can break this hurdle, it could lay the foundation for a massive bull run.
Besides the price action, market indicators show positive signs for FLUID. The Chaikin Money Flow Index, a technical analysis tool that gauges the acquisition and allocation of a crypto asset, is standing at +1. This indicates that the token is witnessing heavy buying. Since the index is positive (+1), this signals a bullish trend, suggesting further potential upward movement.
A specific interesting factor sustaining FLUID’s potential upsurge is whale activity. The asset’s ongoing price rises suggest that whales are increasingly buying the token. These purchases demonstrate strong enthusiasm for the asset’s future prices. Whale acquisition often indicates positive market sentiment and could play a catalytic role in further price upsurge.
