FET is in a promising position following key technical developments, as highlighted by crypto analyst Crypto_Jobs. The token has seen a bullish retest at the $1.240 level.
Moreover, this is alongside the formation of a potential Cup and Handle pattern on the 4-hour chart. These indicators point toward a potential price surge, contingent on maintaining critical support levels.
Breakout from Falling Wedge
The break from a 175-day declining wedge pattern is among the most obvious changes in FET’s price movement. Usually indicating that a protracted downfall may be ending, falling wedges are positive reversal indications.
$FET – Update: -A bullish retest has been made exactly on the 1.240$ level -Possible Cup & Handle [H4]-The price is also consolidating above the 175 days fallwing wedge! As long as $FET price hold above the 1.180$ [POC point] and uptrend a new run up toward 1.700… pic.twitter.com/2x3QnLWfd8
— Crypto_Jobs TA & FA (@CryptoJobs3) September 17, 2024
In this case, the breakout aligns with other technical factors that suggest further upside. Crypto_Jobs notes that as long as the FET price holds above the $1.180 POC, which marks an area of high trading activity, there is potential for a new upward trend.
Key Support and Resistance Levels
The $1.240 level has proven to be a significant support point after a successful bullish retest. If the price continues to consolidate above this level, the bullish momentum could remain intact. On the downside, key support levels include $1.120 and $0.950, which may offer good entry points for long-term accumulation if the market sees a broader pullback.
Resistance levels will be crucial for confirming a sustained upward move. The immediate resistance zone lies between $1.450 and $1.460. A breakout beyond this range could unlock further potential, with targets set at $1.700 and $1.900 in the mid-term.
Crypto_Jobs notes resistance points to watch at $1.640, $1.750, $1.800, and $1.920, leading up to a potential move toward $2.00.
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Mid-Term Outlook for FET
The mid-term outlook is favorable if FET can sustain its critical support levels and overcome its immediate resistance. FET’s price will increase around $1.700 to $1.900, particularly if it continues to exhibit a positive trend.
Still, if the general state of the market is bad, lower support levels might be triggered, which would create a good chance for accumulation close to $1.120 and $0.950.
The behavior of the larger market, especially Bitcoin, will affect the price motion of FET. A drop in Bitcoin could force the price of FET into its lower support levels to move towards accumulation chances. Crypto_Jobs advises accumulating around $1.120 and $0.950 if the market experiences a downturn.
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