Here's How Long the FET Price Increase Will Continue | Credit: Hameem Sarwar
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Key Takeaways
The FET price created a bullish engulfing candlestick yesterday.
FET has completed an A-B-C corrective structure since May.
Will the price move to a new cycle high, or is this a relief rally?
The FET price has declined since May, reaching a multi-month low of $0.52 yesterday.
However, the FET price bounced, created a bullish candlestick, and resumed its ascent today.
Due to its ascent, FET re-entered the top 100 largest cryptocurrencies based on market capitalization.
While the price still trades inside a descending wedge, a breakout from it will confirm the end of the correction.
Let’s examine the charts and see if the price will break out.
FET Price Analysis
The FET price has fallen since its high of $0.99 on May 23. After a failed bounce in June, the price created a lower high in July and resumed its downward trend, leading to a low of $0.52 on Oct. 1.
However, a significant bounce followed, creating a bullish engulfing candlestick (green icon) and reclaiming three key support levels:
The 0.618 Fibonacci retracement support level
A horizontal support area at $0.57.
The support trend line of a descending wedge pattern.
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Due to the bounce, the previous breakdown is invalid; hence, a bullish trend reversal is on the cards.
If the FET price breaks out from the wedge, it could quickly rally to $0.82 and potentially hit a new cycle high.
Momentum indicators also support the breakout. The Relative Strength Index (RSI) created a bullish divergence (orange) while the Moving Average Convergence/Divergence (MACD) made a bullish cross (black circle).
It is still unclear if the correction is part of a larger wave B or a larger wave two in a five-wave upward movement.
In both cases, new highs are likely to be reached. If the next upward movement has the same length as the previous one, the FET price will hit a high of $1.47 before retracing.
Final Thoughts
FET has likely completed its correction phase, with bullish momentum indicating a potential breakout from the descending wedge.
A move above resistance could trigger a rally toward $0.82 and possibly new highs.
If the upward movement is the same as the last one, the price could even target $1.47 before retracing.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
