Analyst Crypto_Jobs TA & FA has raised concerns about the ongoing correction in the FET token’s price. According to a tweet by the crypto analyst, the price correction isn’t over yet, despite an 80% pump within just a few days.
The analyst highlights that buyers appear exhausted, leading to a downward correction in FET’s price. This analysis suggests that FET may revisit the support levels around $1.100 to $1.050 before any recovery.
$FET –Price analysis: The correction isn't over yet! -The price made an 80% pump in a few days! -Buyers are exhausted at the moment and many are booking their profits! -The price is stuck in the downward correctionI also see a possible H&S pattern! Looking… pic.twitter.com/e3I5tJV2Hf
— Crypto_Jobs TA & FA (@CryptoJobs3) August 29, 2024
Buyers’ Exhaustion and Downward Correction
Crypto_Jobs TA & FA’s observation emphasizes that the sharp price increase in FET has caused many investors to book profits, leaving the market in a state of exhaustion.
Consequently, the price is now experiencing a downward correction. The tweet mentions a potential Head and Shoulders (H&S) pattern forming on the H4 – daily charts, which could signal further downside before the price stabilizes.
Key Support Levels and Future Projections
The analyst also points out critical support levels at $1.100 to $1.050, which could act as a base for FET’s next move. The tweet advises caution for potential buyers, suggesting that it may be wise to wait until the price breaks back into the $1.300 zone before considering new purchases.
Additionally, the tweet hints at a possible price rally toward $1.800 after the current correction phase concludes, but only if the support levels hold and the market regains momentum.
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Market Dynamics and Risk Considerations
Crypto_Jobs TA & FA reminds investors that the flow of money between different cryptocurrencies can significantly impact FET’s price movements. Hence, understanding these dynamics is crucial for making informed decisions.
While the current correction might seem daunting, the potential for a future rally remains if the market conditions align.
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