- FET is showing strong breakout potential with bullish MACD signals while holding key support near $2.00 and aiming for $3.15.
- After a ten-fold surge and sharp correction, $FET’s support at 22.00 and 52.10 will likely guide its next major price move.
- Traders watch $FET’s falling wedge and MACD closely as a move above $2.00 could spark fresh buying momentum in altcoins.
$FET, the token behind Artificial Superintelligence Alliance / Fetch AI, is showing signs of a major breakout after months of technical consolidation. The asset recently confirmed a bullish divergence on the MACD, signaling potential upward momentum.
The asset’s price history highlights extreme volatility. Early 2022 saw stable trading below 1,000, followed by a dramatic surge mid-year. Prices rocketed from roughly 500 to above 5,000, representing a ten-fold increase within months.
However, the meteoric rise gave way to a sharp correction. Prices declined steeply, forming a downward trendline that resisted multiple upward attempts through 2023.
Technical Levels and Patterns
Two horizontal support zones emerged as critical anchors during the decline, at 22.00 and 52.10. The lower support tested repeatedly in late 2023 revealed strong buying interest.
Besides offering stabilization, these levels provided key points for traders to gauge accumulation versus distribution phases. Additionally, consolidation near these supports indicates potential market positioning ahead of any significant price movement.
Volume patterns emphasize the asset’s intense trading during parabolic rallies and subsequent corrections. Moreover, the overall chart structure reflects a classic bubble cycle with accumulation, markup, distribution, and decline stages.
Every stage showed unique patterns of behavior that are characteristic of speculative cryptocurrencies. Breaking over the falling trendline, which is still a resistance barrier, may indicate a change in outlook from bearish to optimistic.
A crucial moment for $FET is presented by the current consolidation close to long-term support. The next directional move is now determined by market players’ attention to whether these levels will hold or break.
Besides technical indicators, traders monitor momentum tools like the MACD for early breakout confirmation. Hence, any upward movement past $2.00 could attract new buying pressure and revive altcoin interest.
FET’s position near key support levels and bullish divergence on MACD signals potential for a strong recovery. Traders should watch $2.00 and $3.15 as major targets.
