Hey guys.
I see that many people are interested in #FET coin, which combines several coins OCEAN, AGIX, FETCHAI, so I will review it in a little more detail.
There is no fundamental or news background in this review, as I don't follow the project, but only chart work.
At the moment this thing is trading around 0.786 Fibonacci or about -75% of ATH, and very often this zone is a launching pad for a local rebound, also we can see that the zone 0.85-0.5$ is the zone where the last bull run started and where the price consolidated for a long time.
I do not exclude that the price can go to the lower boundary and test the 0.5 zone.
Technically on the weekly chart, the current week is closing with a pin bar, which is not bad. The price is also testing its 100 EMA.
On the daily chart, the instrument has become in consolidation, and until there is a W pattern, I would not be too optimistic. In any case, an up/down breakout of the consolidation could give a local move of +/- 20%. Also on D1 we can see a cross of 100 and 200 EMA which is a bearish signal.
If we look at the FET to TOTAL3 ratio (Marketcap without bitcoin and ethereum) we can see that the coin looks weaker than the broad market altcoin, but there is still room to fall +/- 25% towards the 0.786 reset zone.
What conclusions can be drawn from all this, if you want to buy this now you need to expect a breakdown of the local consolidation, with a stop placed under the local lows. For those who hold this coin, until the instrument starts to draw a W on the daily timeframe I would be calm with this thing and do not have high hopes, as there is still room to fall to $0.5$.
Hope this has been helpful to you.
Stay tuned.
