FET is consolidating within a descending channel, signaling potential price movements. World of Charts and Daan Crypto Trades, two top analysts in crypto, have highlighted key technical levels and market dynamics for FET.
Moreover, a breakout could lead to gains, while a failure may result in further consolidation. The analysts are closely monitoring FET as it nears this crucial resistance zone.
Descending Channel and Key Resistance Levels
The chart shared by World of Charts (@WorldOfCharts1) provides a detailed analysis of FET’s price action over recent months. The chart reveals a well-defined descending channel, characterized by lower highs and lower lows since March 2023.
$FetAfter Massive Correction Now Consolidating Within Descending Channel Expecting Move Towards Descending Channel Trendline + Horizontal Resistance Area Around 1.05- 1.10$ Incase Of Breakout #Fet Can Target Previous High Within Few Weeks pic.twitter.com/RYzvDfwLLo
— World Of Charts (@WorldOfCharts1) August 20, 2024
The price has remained within this channel, with the upper trendline acting as resistance and the lower trendline as support. A horizontal support level is identified around $0.75, which FET has tested multiple times, confirming its significance.
On the upside, the horizontal resistance lies between $1.05 and $1.10, coinciding with a previous support zone that turned into resistance after the recent correction.
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Show more +Show less – Recent Breakout and Potential Targets
In mid-August, FET showed signs of strength as it broke out from the lower trendline of the descending channel. This breakout led to a significant upward move, with the price briefly retesting the broken trendline before surging higher.
Currently, FET is approaching the upper boundary of the channel and the horizontal resistance zone of $1.05-$1.10. If the price breaks above this zone, it could target previous highs in the $1.50-$2.00 range within a few weeks, as suggested by World of Charts.
However, failure to breach this resistance may lead to consolidation or a retest of lower levels within the channel.
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Market Sentiment and AI Exposure
Daan Crypto Trades emphasized the importance of the current price level, stating that FET needs to hold its ground and push higher. He noted that FET is one of the most straightforward coins for AI exposure within the crypto market.
$FET So far so good, needs to hold this area and get the party going again.Probably one of the easiest and straight forward coins for "AI Exposure" within crypto so if that narrative gets back into the spotlight I like this coin.Clear invalidation below. https://t.co/JvD1yMwcCK pic.twitter.com/F9ZW8o4SBt
— Daan Crypto Trades (@DaanCrypto) August 20, 2024
If the AI narrative gains momentum again, FET could see increased interest and trading activity. However, Daan also warned of clear invalidation below the current level, which could undermine the bullish outlook.
Per CoinGecko data at press time, FET trades at $0.8863 with a daily trading volume of $231,701,238. This represents a 9.34% price increase in the last day and a 4.70% price increase in the past 7 days.
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