Altcoin FET enters a correction phase after latest rejection. Analysts reveal what prices to watch next. Will the altseason peak phase arrive soon and take FET to new ATHs. The crypto market
The crypto market enters a short correction phase, which analysts believe will conclude over 2-3 weeks. Already, the price of Bitcoin and Ethereum have dipped from $87,000 to $82,000 and $2,700 to $2,500, respectively. This correction is playing out differently for different altcoins. Specifically, altcoin FET enters a correction phase after the latest rejection, leading to analysts revealing what prices to watch for next.
According to CoinMarketCap analytics, the price of FET is currently trading at $0.23, showing that the asset is down by 1.27% in the last 24 hours and down by almost 2.5% in the last 7 days. However, over the last 30 days, the price of FET is up by over 23%. The altcoin will need to see a pump of over 93% to reclaim its previous ATH set 3 years ago at $3.47.
https://twitter.com/Nebulabsxyz/status/2107751826418237587As we can see from the post above, this post goes on to explain why the price of FET has been dropping over the last 7 days. To highlight, the expert confirms that the price of FET is correcting after rejection near $0.265 - $0.270, but the broader structure still shows higher lows. Presently, the price of FET is trading around $0.233 after testing the latest support zone at $0.221 - $0.225.
What’s more, the post confirms that spot volumes have remained strong throughout the move, supporting the broader recovery. Thus, buyers now need to defend this support zone and reclaim $0.240. A breakout followed by a retest that holds could trigger a move towards the $0.250 - $0.257 price range, with the $0.265 - $0.270 price range expected after. The key to avoid is a break below the $0.220 price level.
https://twitter.com/gandreou007/status/2107078354142937146Adding to the conversation, the analyst in the post above highlights how the price of FET is far from its previous ATH. At the moment, the analyst believes that FET is attempting to recover from its weekly base. Thus, he claims that the first real test is reclaiming the $0.3 - $0.45 price range, and holding it through a retest.
The post then goes on to conclude that in a sustained bullish reversal, he is watching $1, $2.10, and then the historical high near $3.50 for FET to surge to. That final level sits roughly 1,336% above the chart’s $0.2437 price. It requires a full trend recovery, not just a bounce. A weekly close below $0.12 invalidates this recovery scenario.
