- FET confirms a breakout from a descending wedge, signaling a bullish reversal supported by strong volume and narrowing volatility.
- Trading near $0.507, FET remains within a long-term ascending channel, with potential upside targets between $1.55 and $2.20.
- Key resistance lies at $0.597 while support near $0.30 must hold to sustain the bullish structure and avoid potential downside moves.
Fetch.ai (FET) has technically confirmed a bullish breakout, which means there might be a trend reversal and start of an extended rally. The token is trading at around $0.507 following a breakout of a downward wedge as reported by Clifton Fx. The +4.54% bullish breakout put an end to an extended consolidation.
The wedge structure had previously represented contracting volatility, meaning runaway breakout. In addition, the breakout candle closed strongly inside the upper trendline of the wedge, with key volume confirming market participation.
Besides the wedge breakout, FET also respects a broader ascending channel pattern stretching from $0.171 to an upper projection near $7.210. This long-term bullish channel features consistent higher highs and higher lows. Currently, FET holds position near the midpoint of this channel after rebounding from its lower boundary. This recovery began after touching a local low of $0.474, with the price swiftly bouncing back.
Immediate Resistance and Projection Targets
Immediate resistance lies at $0.597. This level has previously rejected bullish advances, making it a key area to watch. If FET closes above $0.60 a rapid price surge toward the $1.55 to $2.20 zone is likely. These targets align with former swing highs and represent strong historical resistance.
Bulls may aim for a 231% upside rally toward $1.50. This level is projected from the breakout zone and aligns with a major previous resistance. Additionally, the green projection box shown on the chart confirms this upward target.
Critical Support and Risk Levels
However, traders must also watch for key support levels. The ascending channel’s lower boundary near $0.30 is vital. A breakdown below this trendline could signal unexpected downside risk. Below that, $0.317 and $0.171 are historical support zones where FET previously saw strong demand.
Moreover, the current trading structure remains bullish. Rebounds from support and resistance zone retests confirm market rhythm. Volume also supports recent price action, with over 48 million FET traded on breakout day. Hence, FET stands at a technical crossroads. The breakout signals strength, but the upcoming sessions must confirm sustained momentum. If resistance breaks, the rally could extend toward multi-month highs.
