FET Price Breakout: Can It Surpass $0.774 and Reach New Heights?
- FET has reached the 100% Fibonacci extension, signaling a key stage in its price cycle with bullish momentum ahead.
- As long as FET stays above $0.605, the market remains bullish, with no signs of a reversal or price top.
- Key resistance levels for FET are $0.774, $0.826, and $0.918, which traders will watch for signs of sustained growth.
Analyst More Crypto Online also provided a technical analysis of FET, stating that the price of FET has reached the 100% Fibonacci extension. This implies that the asset has reached a critical stage in its price cycle, a highly technical development. The current price structure falls within a three-wave symmetrical triangle pattern, which is typically characteristic of preceding bullish markets.
The picture clearly shows that the increasing growth trend is already in place and is expected to continue well into the future. If FET manages to stay above $0.605, it remains bullish for the market. This particular support level has been well established to help investors remain optimistic over the continuing rally. If the price remains above this level, there is no evidence that the advance will falter.
FET Resistance Levels
FET continued to be active near and below its next key resistance levels. The analyst charted three levels of interest for price: $0.774, $0.826, and $0.918. These levels are considered important from the point of view of probable resistance and may be connected with the further fate of prices. These levels will be key levels of focus among traders in determining whether or not the cryptocurrency can surpass them to sustain the uptrend.
Source: X
Besides these essential levels of resistance, the analyst observed some internal structure within wave (c), outlined in yellow. This formation makes sense in expanding the understanding of the trend and gives an insight into the specific short-term direction within the large pattern. It also helps the traders to get a deeper perception of how the price action is going to be in the trading cycle, hence the need to change their strategies.
Critical Support Levels
Therefore, even though the generalized prognosis remains favorable, one should not disregard potential risks. Traders should focus on the supply and demand zones, especially the former at around $0.605. If it falls below this level, then the market sentiment could be considered as bearish. However, if the price remains above this point, the bullish formation is likely to persist. As of press time, FET is trading at $0.6980, showing a 12.56% increase over the past day.
Source: TradingView
FET shows a good potential for further price increases in the near future. This resistance is expected to provide further upward trajectory as more prices are seen ahead. On the technical front, this can be construed to mean that unless a reversal occurs, the target of the bulls is set to hold. These levels should be closely monitored to forecast the market trend in the coming weeks.
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Read more: https://www.tronweekly.com/fet-price-breakout-can-it-surpass-0-774-and/
Text source: TronWeekly
