The price of FET has seen a surge lately, driven by a strong breakout from a prolonged downtrend channel. According to an analysis by crypto analyst World of Charts, FET is moving towards higher targets.
Besides, he has already realized a 30% profit and anticipates more potential gains. The breakout signaled the conclusion of a negative trend and happened in early August.
Since April, this pattern has dominated the market action of FET, laying the groundwork for the current bullish momentum.
$Fet#Fet Moving Towards Targets Running In Almost 30% Profit So Far Still Long Way To Go Send It Towards New Ath https://t.co/D7J1b2AZAT pic.twitter.com/cmpHF4aghX
— World Of Charts (@WorldOfCharts1) August 25, 2024
FET Breaking Out of the Downtrend Channel
FET had been trading within a downtrend channel that began in April, with the price consistently respecting the upper and lower bounds of this channel.
The trend finally reversed in August when FET broke out decisively above the channel’s upper trendline after consolidating around the $0.80 support level.
Besides, the breakout was followed by strong buying pressure, with the price quickly moving above the $1.10 resistance level. This level, which had acted as horizontal resistance and the upper boundary of the downtrend channel, now serves as a key support level.
The swift price movement above this level has reinforced the bullish sentiment, encouraging traders to hold their positions for further gains.
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Show more +Show less – Key Levels to Watch
Several key levels have been identified in the analysis by World of Charts. The first is the $0.80 support level, which was critical through the consolidating stage leading up to the breakout.
Following the breakout, the $1.10 level, which was a barrier before, has become support. This level will be critical for maintaining the current uptrend.
Moreover, the analysis highlights a resistance level at $1.70, which was tested after the breakout. This level could prove to be a barrier in the short term.
However, if FET manages to break above $1.70, the next target is around $3.00, aligning with the bullish expectations set by World of Charts.
Read also: How Will Ripple’s XRP Price Hit $3 in the ‘Upcoming Months’
Expect Further Upside?
The analysis suggests that FET is in a strong uptrend, with momentum driving the price towards higher levels. The appearance of strong green candles on the daily chart reflects substantial buying pressure.
Furthermore, it supports the idea that FET is likely to continue its upward trajectory. The $3.00 price target, as highlighted by World of Charts, is now within reach if the current momentum persists. At press time, FET trades at $1.32 up by 12.33% over the past day.
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